Vietcombank first in Asia to use Gemalto’s Ezio Strong Authentication

Gemalto, a provider of digital security solutions, announced that it is providing its Ezio Strong Authentication Server to Vietnam’s largest bank, Bank for Foreign Trade of Vietnam (Vietcombank). With this two-factor authentication solution that deploys MasterCard's Chip Authentication Program (CAP) and Visa's Dynamic Passcode Authentication (DPA), both of which are part of the EMV (Europay, MasterCard, Visa) standard, Vietcombank EMV credit card holders can use the same card to pay for purchases, to gain access to their online banking services and to be identified by the bank for branch-based transactions.

Dao Minh Tuan, Deputy General Director for Vietcombank said: “This solution addresses several of our key concerns simultaneously. We need to secure our online banking services. We want to enhance the customer experience by simplifying access to banking services. And of course, we want to take advantage of existing EMV microprocessor deployments for further purposes. Being able to do all this with such a simple installation is a great advantage for us in many ways”.

The solution allows customers to access different services with the same corporate EMV microprocessor card which can be used for their purchases as well as online banking services. Users simply insert their corporate card into a custom designed handheld card reader to generate a one-time password for secure access to their online banking service. Or in a similar fashion, perform secure fund transfers using digital signatures.

“Consumers want the convenience and they want the security to go with it. Banks need the common platform approach to make things easier”, added Tan Teck Lee, president Gemalto Asia. “Like the mobile phone, EMV microprocessor cards enjoy worldwide use and loading more functionality in them simply leverages its strengths in providing security whilst making it easier for consumers to enjoy more services. For banks already issuing EMV cards, it's an easy way to upgrade to OTP solutions”. 

Vietcombank is the first financial institution in Asia to deploy this technology for securing online banking services.