Bank of India to use Uniken's REL-ID technology to secure all its internet and mobile banking channels globally
- A trusted solution built for scale, Uniken's REL-ID has secured over $8.2 trillion in transactions and 5.5 billion interactions to-date
- REL-ID ensures RBI and other statutory guidelines around protecting digital banking assets with security solutions. Solution will feature a safe platform with the most advanced application protections
- REL-ID eliminates every major vector of fraud and breach - credential compromise, sim swap and endpoint threat detection
PUNE, India, May 19, 2020 /PRNewswire/ -- Bank of India has been a forerunner in securing its digital channels and keeping customers' security as its priority. The REL-ID secure platform has developed over the years to offer the most comprehensive suite of protection, detection and correction technologies in the mobile app security/shielding space. In a pursuit to secure its digital initiatives, Bank of India has decided to extend Uniken's REL-ID to secure its digital and mobile banking channels globally.
A recent report showcasing the increased number of frauds was highlighted in the Rajya Sabha quoting 1,367 reported frauds in FY 2016-17, 2,127 in FY 2017-18, and 1,477 frauds in FY 2018-19 with regard to ATM/debit card, credit card and internet banking transactions. Moreover, payment systems such as UPI/IMPS are likely to register average annualised growth of over 100%, according to RBI's 2021 vision document. In view of this, the Reserve Bank of India (RBI) has also issued guidelines as security and risk mitigation measures for digital payments, and Uniken's REL-ID ensures RBI and other statutory guidelines around protecting digital banking assets with security solutions.
Mr. Bimal Gandhi, CEO, Uniken Inc says, "Mobile and digital enterprises are constantly exploring options to be ahead of the competition by working closely with their customers, partners and employees. Enterprises are enabling seamless access to enterprise applications over the internet and are often inhibited by security considerations of their applications and data. REL-ID is the only solution that organically combines device fingerprinting, app fingerprinting, user identity management, malware detection, multi factor authentication, secure channel and cryptographic digital signing, in a single solution."
Growth in digitisation has increased the risk of online fraud. In view of the changing attack landscape and advancements in security technologies (security protocol/ crypto mechanisms/use of machine learning for scanning non signature based malware, etc.), today, enterprises (specially BFSI sector) are struggling to satisfy what seems like competing priorities. Customers are now demanding better engagement, security and more functionality on the channel of their choice. Meanwhile, enterprises are facing an expanding threat landscape that targets their customers, employees, and critical infrastructure with rapidly evolving attacks.
Commenting on the announcement, Mr. Rajesh Kumar Ram, General Manager and CIO, Bank of India said, "Data security is extremely critical when it comes to financial institutions and banks. With Uniken's world-class threat intelligence and protection solution, Bank of India has been successful in keeping a zero data-breach record and keeping up with their customers' trust. Over the last ten years with Uniken, we have built a robust security around our channels in India and with their reappointment we are sure to have a tightly secured global counterpart."
Uniken's world-class technology has helped them spearhead the cyber security space in the country and also win accolades for its customer first omni-channel security platform. Uniken has been named 'A cool vendor in identity and access management' by Gartner; named among the 'Top 10 Identity Access Management Vendor' by OWI (One World Identity) an independent identity research and strategy company. Uniken has also been profiled in the 14-page analysis of authentication management solutions defined by Forrester as firms that "simplify and standardize credential processing for applications, reduce the operational costs of authentication, and improve the authentication experience by minimizing friction.
True to its name, Uniken is a pioneer in the field of digital security. Uniken's flagship product REL-ID is an advanced, first-of-its-kind security platform that secures connections between customers and businesses by eliminating all possibilities of data breach and fraud. A mobile-first solution, REL-ID effectively protects customers, enterprises and the entire ecosystem from a wide variety of risks such as identity attacks, device attacks and network attacks. For its pioneering products, Uniken has received various awards and recognition including Gartner Cool Vendor in Identity and Access Management (2018) and Forrester Now Tech Industry Leader in Authentication Management Solutions (2018). Proud to be the first security company from India to go global and achieve strong industry analyst recognition across the board.
While traditional systems focus on reducing risks, Uniken's security platform has been designed to eliminate the occurrence of all potential threats. Uniken has handled more than 5.5 billion interactions to date and there has not been a single case of stolen identity, data breach or financial loss.
Uniken's focus on zero defects concept is the primary thing that gives its security platform a disruptive profile. Security experts have maintained that all security systems are vulnerable to some form of security threats. It has been believed that a system that's 100% secure can never be built. However, Uniken's REL-ID has proved these assumptions wrong and has tons of data to back its claims.
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