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BESnet moves forward with its own strong authentication system for homebanking (updated)

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Banco EspĂ­rito Santo is making available to the entire customer base of home banking a strong authentication system that consists of the combination of normal authentication elements, such as user and password, with codes generated in real time from devices external to the computer. This code is generated at the time of the operation and can only be used in that session and for the operation in progress.

Called Additional Security, the solution requires confirmation of off-balance sheet transactions by introducing a disposable six-digit code, generated in real time, which will be sent to the customer’s mobile phone via an SMS message.

Here lies the difference compared to another system that is being tested by a group of banking entities in partnership with SIBS, which also bets on codes generated in real time, but which will be available on cards previously purchased by customers (see Related News ). It is recalled that BES abandoned this working group.

The activation of the Additional Security feature in BESnet is optional and its use is completely free. The system for validating transactions using codes sent by SMS was initially developed for companies and has been available, as an option, at BESnet NegĂłcios since 2001.

Editorial note: [11-11-2005 13:50] In response to the news published by TeK, BES sent us a statement saying that it has not abandoned the Working Group which, within the scope of SIBS, is studying a strong authentication solution for Internet Banking. «BES has been an active member of this group since its creation, participating in all work meetings held», he says. However, he admits to having decided not to participate in the pilot phase of the solution, but considers that «nothing can be inferred in relation to its future adoption or not».

Related News:

2005-11-09 – Roll out of the new authentication platform for the homebanking should advance until March

2005-07-12 – SIBS will move forward with strong authentication platform for homebanking