Secure e-banking promoted by Metrobank and IBM

Last week on Friday Information Technology company IBM reported that it was selected by Metrobank, a private bank in the Philippines, to integrate and implement an advanced security solution for the bank's Metrobankdirect, an Internet banking facility. IBM Internet Security Systems will deploy the Two-Factor Authentication (2FA) security solution that will require users to provide a second means of identification in order to obtain access to Metrobank's online banking service.

Earlier Metrobankdirect used single factor-authentication when a user was required to enter a customer ID and password to prove the user’s real identity. Under the 2FA system the authentication process is getting more advanced while requiring a second means of identification through a security token. This protects clients against evolving online banking threats.

In order to implement the project IBM deployed its VASCO's authentication token solution and Data Security Systems Solutions. 2FA system will allow Metrobank to reinforce its compliance with BSP Circular 542 on Consumer Protection for Electronic Banking.