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News

Interactive voice messaging key to overcoming fraud in e-banking

Qire : 11 March, 2009  (Technical Article)
Qire believes that the risks associated with e-banking fraud could be reduced with telephone authentication using interactive voice messaging
Telephone Authentication can play a key role in eliminating the risk of e-banking fraud in the UK, protecting customers from the vulnerabilities found in card reading devices, according to Qire.

Research from Cambridge University on security vulnerabilities in card readers used for Internet banking highlighted that design errors such as reusing authentication tokens, overloading data semantics, and failing to ensure fresh responses are putting customers at risk.

Responding to the research, Interactive Voice Messaging (IVM) specialist Qire advised that by using 'out-of-band' telephone-based authentication tools, banks can reduce the risk of fraud, by getting verification from the customer that they are conducting a genuine transaction.

Qire's telephone-based authentication enables banks to request a call to the registered card user when a transaction is attempted. Qire's IVM technology then contacts the user, verifying their identity and whether they have initiated the online transaction, which is then relayed to the bank so that the request can be confirmed or rejected.

According to Qire, its telephone authentication provides a simple solution to a big problem, and can be easily integrated into existing systems to offer additional security and protection to customers using e-banking facilities.

Adrian Adams, marketing director of Qire said: "The weaknesses in card reader design identified by the research can allow fraudsters to access unencrypted PINs and account numbers, putting customers at risk.

"It is vital therefore that consumers have the maximum levels of security afforded to them, giving them the peace of mind and reassurance that online banking transactions are safe and secure. Telephone authentication is one option banks are looking to adopt, as it provides an additional layer of verification to better protect their online customers."

Qire holds a directory of UK landline telephone numbers which far exceeds that of all other telephone enquiry systems, and so is well placed to work with banks to help eliminate instances of Internet fraud and protect customers conducting online transactions.
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