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USB based secure internet banking at Migros bank.

Kobil Systems : 22 January, 2008  (Application Story)
Electronic banking introduced at Migros bank to enable user authentication with USB based internet e-banking for Migros customers.
Migros Bank is the first Swiss bank to offer their customers an innovative technology for their e-banking access. The system based on a USB stick is provided to all M-BancNet users free of charge and emphasises Migros Bank's efforts in making e-banking as safe as possible.

Due to an increasing number of attempts to defraud, Migros Bank has launched this new technology for simple and secure access to their M-BancNet, replacing their previous two-tiered login process which was based on an additional code card or M-Card smart user identification and offered all-round security so far.

The new M-IDentity system works via a smart card with Pin code and a USB stick containing a web browser especially designed for Migros Bank. By being able to access the M-BancNet without making use of the computer's originally installed browser and therefore separating this process from all other internet applications, this new solution offers maximum security and effective protection against internet attacks.

M-IDentity's second component is the SIM card sized smart card widely popular in the phone industry. All M-BancNet customers receive their personal smart card with a customised PKI certificate. Only after this chip has been inserted into the USB stick it is ready to use. Additionally, users have to identify themselves with a personal PIN code to enter the M-BancNet.

Besides guaranteeing highest security, M-IDentity especially excels through ease of use. Since no software has to be installed to access the M-BancNet via USB stick, the network can be used anywhere and anytime, allowing Migros Bank's customers flexible mobility. The solution developed by the German IT security vendor Kobil Systems has already been successfully deployed by a German big bank, who is offering the device exclusively to their corporate clients. However, Migros Bank is the first financial institute to offer M-IDentity to all their e-banking customers. With the implementation starting midyear 2008, all M-BancNet users will be provided with their equipment free of charge.

Currently, about 100.000 customers are using Migros Bank's e-banking facilities, with more than 50 percent of the payment orders and 70 percent of the stock market orders being processed online.
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