Corporation Bk adds PKI security layer

BANGALORE, INDIA: 3i Infotech Consumer Services Ltd. today announced that Corporation Bank, a Premier Public Sector Bank with over 3500 Banking Service Outlets, has implemented its eMudhra Public Key Infrastructure (PKI) solutions to become the first ever Indian bank to implement this world class authentication security solution, provided by a licensed certifying authority under the Information Technology Act, to their corporate online banking customers. 

A press release further adds what B R Bhat, General Manager of the Bank said, “Traditionally Corporation Bank always goes an extra mile when it comes to providing security and safe custody to customer's money. With the stupendous growth of Internet and online transactions, security is always a concern to the netizens for doing financial transactions. We are proud to announce launching of world class online banking security, to our corporate customers. This layer ensures an additional security to all online banking transactions and one can be rest assured that their online transactions are more secure. We are glad to have adopted eMudhra PKI security solution of 3i Infotech CSL to provide the most secure online banking experience to our corporate customers, to begin with.”

“In recent times, the incidence of cyber crime is increasing across the globe and this is throwing a serious challenge to banks and their customers. All the banks are constantly improving their security platforms to protect their online banking transactions from cyber criminals. While there are number of authentication methods such as One Time Passwords, Virtual Key Board, Dual Passwords being implemented and in vogue, PKI based authentication of transaction using one’s Digital Signature Certificate is the only one that provides legal sanctity to the transaction besides providing additional security. Also this is in line with the recommendation by RBI in its Internet Banking guideline and Information Technology Act 2000”, said Bhat.

Across Asia the banks and government authorities have been consistently emphasizing the adoption of PKI based security measures for healthy online banking transactions. For example, in Korea, 12.8 million certificates were used for internet banking of 19 banks (2008), more than 10 banks in Hong Kong adopted PKI for the internet banking transactions and Chinese-Taipei Government issued a Directive mandating financial sectors to deploy PKI for the internet banking or internet stock trading.

Mr. Ravi Jagannathan, MD & CEO, 3i Infotech Consumer Services Ltd. said, “To prevent the internet banking users from Cyber fraud many banks in Asian countries including China, Hong Kong, Taiwan, in recent years, are following the European way of adopting PKI security for their internet banking authentication. With the increasing threat due to phishing and other online crime incidents, it is logical for banks in India to also adopt the time tested PKI security for their internet banking. As a consumer focused organization we are glad that our eMudhra online banking authentication solution has played a significant part in this historical initiative by Corporation Bank. As a Licensed Certifying Authority on behalf of eMudhra team I congratulate Corporation Bank for implementing this world class solution to benefit their online customers”