Without SMS, with authorization: Banks introduce a digital signature-like technology for transfers

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Banks have found a way to protect customers’ money from theft via the interception of SMS, push notifications and SIM card substitution. Credit institutions transfer users to transaction confirmation pages using a simplified digital signature, which is stored on their smartphones. A number of large banks have already implemented this function for a limited number of customers and transactions. Moscow Credit Bank launched it in full in May 2020. Several more market players, including Sberbank, are considering the implementation of a similar technology. Such a confirmation system will reduce the risk of fraud through social engineering, experts say.

Фото: РИА Новости/Евгения Новоженина


Natalya Ilyina

Published on May 27, 2020 on the Izvestia website

Source: https://iz.ru/1015790/natalia-ilina/bez-sms-s-avtorizatciei-banki-vnedriaiut-analog-tcifrovoi-podpisi-dlia-perevodov