Leading security software firm VASCO Data Security International Inc. VDSI won another contract with Sumitomo Mitsui Banking Corporation, which has decided to offer a highly-secure mobile banking solution, developed with Vasco's Digipass for Apps, to its online retail banking customers.
This is Sumitomo's third major authentication solution. The company — one of the largest financial institutions in the world — fortified the security of its Direct retail internet banking services with a matrix-authentication OTP solution. In 2013, the company integrated VASCO DIGIPASS 275 hardware authenticators to further reinforce its security measures.
Of late, Sumitomo has been witnessing a significant increase in the number of transactions carried out through smartphones. Thus, Sumitomo required a highly-secure mobile banking solution. For the two-factor authentication to work, a separate application had to be provided in addition to the existing banking application. By integrating VASCO’s DIGIPASS for Apps, Sumitomo was able to ensure smooth app-to-app communications and user-friendly applications.
DIGIPASS for Apps is an extensive collection of security solutions for mobile applications, which enables native integration of application security, electronic signing and two-factor authentication into a bank's mobile applications.
According to the financial institution, Japanese bank accounts are especially vulnerable as foreign hackers have been targeting them in record numbers in recent times, using sophisticated phishing attacks and malware. With VASCO’s DIGIPASS, Sumitomo intends to defend its clients against the increasingly sophisticated cyber threats.
Sumitomo’s clients can opt for either a phone-based software authenticator or a hardware authenticator.
VASCO boasts a broad customer base spread over more than 100 countries, and enjoys robust demand in the cybersecurity market driven by increasingly sophisticated data breaches. Vasco's software and hardware products deliver robust, flexible and effective Internet and enterprise security solution to over 10,000 organizations in more than 100 countries. The company is capitalizing on thriving demand for cyber security solutions after major corporate breaches made headlines, from Target to JPMorgan to Sony.
VASCO presently holds a Zacks Rank #2 (Buy). Other stocks in the broader technology sector that are worth a look now include FARO Technologies Inc. FARO, PetMed Express, Inc. PETS and USA Technologies Inc. USAT, each sporting the same rank as VASCO.
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