Swedbank has joined forces with OneSpan, a cybersecurity technology company, to combat rising social engineering attacks.
The lender seeks to secure customers’ personal accounts and their online transactions with OneSpan’s Cronto solution.
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Besides preventing social engineering attacks, Cronto technology will enable Swedbank to adhere to PSD2’s dynamic linking norms.
The solution, delivered through hardware or a mobile app, is said to be distributed among OneSpan’s one million customers.
Cronto secures a transaction by encrypting transaction details leveraging a patented visual signing solution.
It also streamlines the process by enabling customers to validate a transaction by scanning and entering a six-digit code.
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By GlobalDataEarlier this month, Polish lender Bank Millennium adopted OneSpan’s Cronto technology.
Swedbank information security manager Peter Lundin said: “We continuously evaluate, refine and update our IT solutions in parallel with technology development, to provide our customers with banking solutions and services that deliver a smooth and secure customer experience.
“OneSpan is a great partner to deliver on our goals given the company’s proven track record within the financial industry and its future-forward Cronto technology.”
Swedbank has 172 branches in Sweden and 122 across the Baltic countries. Overall, it serves more than seven million retail customers and nearly 600,000 corporate customers.
OneSpan CEO Scott Clements said: “Banks face a threat landscape that continues to evolve with social engineering enduring as a popular technique.
“Financial institutions like Swedbank are working with OneSpan and choosing our innovative technologies to prevent attacks while addressing regulatory compliance requirements.”
