PhoneFactor said its platform works by placing an automated phone call to the user to authenticate online banking account logins and transactions.
The user simply has to answer the call and enter a memorized PIN on the phone keypad to authenticate. It works with any phone, anywhere in the world and protects against password phishing, keyloggers and other forms of malware, which are especially pervasive in Europe.
Proton Bank CTO Fotis Mitsakis said the service works perfectly for their clients. The user experience is fully localized. So when a user receives an authentication call, the messages are all in Greek. It’s quick – the user’s phone rings within a few seconds, and the caller ID displays a local number.
"The level of security is invaluable, but the service is also much easier than a token solution for both our customers and our IT department," added Mitsakis.
