Security in banks is increasingly getting complex—the multitude of user types, devices, with scores of technology platforms as well as enterprise application deployment structures make it a nightmare for the security team to secure everyone under the same umbrella. Add to that, new age facilities like net banking, mobile, and tab banking that expose customer bank transactions to malicious third parties. Further, as banks handle confidential data and communications, any security instance can have a far-reaching impact on various fronts: Financial, legal and reputational.
Given this scenario, Bank of Maharashtra (BoM), which has more than 15 million users in India, was looking for a robust security solution for its Internet services. To ensure complete security and trust on Internet banking, the bank wanted to remove any dependency on hardware tokens or SMS. It was also important to ensure a seamless, ubiquitous experience across various devices. Further, the bank wanted to ensure compliance with RBI guidelines. Thus, it decided to adopt a proactive approach instead of a reactive approach.
Securing Digital Banking
In accordance with its needs, BoM launched MahaSecure, a next generation secure digital banking application, based on REL-ID – a digital security platform from Uniken. This application enables secure access to Internet banking facilities for both retail and corporate customers of the bank.
“We needed a holistic future-proof strategy to provide customers a secure digital environment that couldn’t be breached. Instead of opting for a token-based solution that might fail in various scenarios, we adopted an offbeat one that could not be breached by sophisticated attack vectors,” emphasizes MC Kulkarni – GM IT, Bank of Maharashtra. “Moreover, the app appealed to customers by enabling seamless access across devices and platforms,” he further adds.
MahaSecure Enabling Digital Innovation with Security
With the implementation, the bank has gained a simple to distribute, activate and easy to use digital service access app. Post implementation of MahaSecure, till date, no BoM customer has been reported to have become a victim of phishing attack. The application has enabled the bank to accelerate digital innovation without compromising on security. It enables the bank to protect from sophisticated attack vectors like MITM, MITB, MOTM, phishing, etc.
In addition, MahaSecure provides security for very large number of users/devices (multiples of 10,000). As the application requires minimal control over the end-points, it does not need deep administrative controls to deliver security. In addition, it enables uniform security standards across all services and provides fine-grained control with integrated user, device, app access, and authorization control.