BoC strengthens internet banking security
Bank of Ceylon (BoC) has deployed an advanced identity protection
software from Indian based VeriSign Inc, to fight internet identity
theft, phishing and on-line financial fraud.
VeriSign Vice President Shekhar Kirani said this has laid the
foundation for Sri Lanka to gain internet security, which is the best
technology with the increase of Internet banking.
Picture by Sumanachandra Ariyawansa
‘In deploying the VeriSign identity Protection Services (VIP) to
strengthen the authentication of the bank’s internet banking facility
for customers, the Bank has added a key layer of protection to safeguard
its customers’ digital identities, he said.
Under this system, BoC customers can use a single security token to
authenticate themselves across any VIP enabled online commerce website
including leading online commerce sites such as eBay and PayPal.
As a result, any of the Bank’s customers who have already received a
security token from such sites also have the opportunity of using it in
the bank’s internet banking facility, Kirani said.
The multi-factor authentication implemented with VIP services by BoC
is designed to address these problems. It combines a primary factor with
a secondary factor but if an attacker steals only the first factor it
cannot forge with the secondary factor and will be unable to
authenticate,” Kirani said.
Head of IT BoC Nissanka Janaratne said the Bank will be initially
extending the security solution to high usage, high networth internet
banking customers but will eventually be extending the solution to all
active internet banking customers with the reach of 100,000 internet
He said currently the Bank has more than 5,000 internet users with
BoC, which is growing in number.