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18 March 2013

GFT adds NFC security to online banking

The new solution eliminates the need for banks to issue customers with a dedicated authentication device by using a combination of NFC phones, QR codes and contactless bank cards.

Financial IT specialist GFT Technologies, in collaboration with researchers and students at Germany's University of Tübingen, has developed a new authentication process for online banking that uses NFC.

The process makes use of both an NFC phone and a contactless debit card to generate a unique transaction authentication number (TAN) to confirm a transfer of funds.

Users log in to their online banking on a PC where they fill in a bank transfer form as usual. The website then displays a QR code which is scanned using the bank's app on an NFC-enabled smartphone to confirm the details of the transaction.

The phone then displays a message telling the user to touch their debit card to the device. The phone then reads the debit card's details via NFC and produces a TAN which, once entered on the PC, completes the transaction.

Normally transaction authentication numbers are sent via SMS messages which can easily be intercepted through malware on a user's smartphone, says the IT solutions provider, while dedicated devices are unnecessarily awkward for customers.


Researches and Reviews
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Security and Information Protection
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Money transfer systems
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