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News

Scandinavian banks respond to demands for higher security

Todos Data System AB : 15 January, 2010  (Application Story)
Banking customers in the Scandinavian countries are placing security high on their list of requirements when selecting a banking provider driving First Card and SEB to invest in Todos card reading technology
Recent deals with First Card and SEB reveal a growing interest in enhanced security for corporate credit cards and - more importantly - a trend towards using extra security as a way to differentiate products.


As companies turn to corporate credit cards to manage expenses and streamline purchasing, security is playing a bigger role in the way they select the provider. Although consumer credit card fraud has had all the attention, corporate credit cards are equally at risk from fraud, identity theft, man-in-the-middle attacks and failures in SSL encryption. In addition, companies are keen to ensure that only authorised users can spend money using company credit cards.

Customer awareness of the problems is increasing and banks are using increased security to differentiate their corporate credit cards from their competitors.

For example, First Card recently ordered 30,000 Todos C200 card readers for their corporate customers in Norway and Denmark. This is in addition to the 150,000 devices they have already issued to their clients in Sweden. For them, the enhanced security is actually a selling point for their corporate clients. They have promoted it widely in the press and it helps them differentiate their product from their competitors.

In Sweden, another main bank - SEB - has ordered 10,000 Todos Argos Mini II devices via partner Oberthur Technologies to help secure their corporate clients. This is Todos AB's first sale to SEB and it shows that the bank is ready to trust Todos technology for its most security-conscious customers.

'Banks have done a good job of alerting consumers about the risks of online fraud. The people who make decisions about corporate credit cards are also consumers and they know the risks now,' says Ulf Dahlberg, Sales Director Nordic Region at Todos AB. 'Todos helps banks improve security and, as a result, create a compelling competitive advantage.'

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