Net Security

Jan 25, 2008 (LBO) – Bank of Ceylon (BOC) has deployed international authentication services provider VeriSign’s hacking and identity theft countering security features in its online banking transactions in Sri Lanka.

VeriSign’s Identity Protection Services (VIP) for BOC’s online banking customers will provide an extra layer of security through VeriSign’s multiple authentication scheme.

The scheme uses a security token which contains a dynamic combination relevant to the bank, apart from the normal username and the password.

This restricts hacking or identity theft (phishing) whenever an online transaction such as a payment, fund transfer or banking transaction takes place.

“We have already finished integration and are about to launch and BOC is starting to give the consumer some of the tokens which guarantees that people who log into internet banking are who they claim to be ¦” Shekhar Kirani, vice president VeriSign India told LBO.

“The security aspect is almost impenetrable unless somebody steals the token from you and then gets the password so ‘second factor’ (multiple security) is the way the world is moving towards.”

BOC customers can use the token to authenticate themselves acro