Under the pressure of new regulations (PSD2), technological evolutions and customer demand, banks need to improve their authentication methods, both in terms of security and usability. Russian banks are no exception to this, having been the target of several major online attacks over the recent years.
Ever-increasing cyber threats
Back in 2016, Sberbank, one of Russia’s largest bank, reported a phishing attack aiming to steal user credentials via a fake app. Before the hacker was arrested, they breached in over a million devices, compromising users credentials. It did not stop there: by 2018, Cyber-attacks had multiplied by 10, and are expected in 2021 to cost the Russian financial industry $6T/year.
Protecting the Russian Banking landscape
It’s no surprise then that major Russian banks would be very interested in information on the MFA solution that is one of the best fit for the banking industry. This is how inWebo got invited to come and present its technology to a panel of security managers in Moscow.
inWebo proposed their strong MFA solution to solve the authentication security shortfall. The solution ensures high level of security thanks to randomly generated cryptographic keys while being easy to implement as any devices can be turned into a 2nd-factor authenticator. The user only needs to combine 2 of the 3 following factors:
In addition, the multiple integration possibilities provide a tailored solution to the Russian bank network and authentication needs, resulting in a combination of high security, compliance to financial regulation (such as PSD2) and seamless user experience.
Joining the movement
The switch to inWebo ultra secure MFA solution has already started in Europe: major banks across the continent have already adopted it to protect their users’ credentials. As inWebo MFA can be tailored to the clients need, various use cases include Société Générale, Credit Agricole or even Orange Bank. With these successful attempts across Europe, inWebo looks forward to be partnering up with the Russian bank network and solve their authentication needs.
Make an appointment with inWebo
If you would like to take this opportunity to learn more about our strong MFA solution or assess your authentication and access security challenges, please fill out the form below. We’ll make our best to accommodate your preferences.