E-banking: Transaction Security– Fortuneo
- The online bank Fortuneo partners MasterCard and adopts a new online transaction security system. Its cardholders can dispose of these security functionalities for free.
- For each transaction, an OTP is generated to avoid that data be reused if retrieved. This service is proposed as an Internet platform or PC application. Card purchases are only possible on some “trustworthy” websites.
- Strong authentication is central and the BdF has been imposing its use since 2008.
- Some factors must be taken into account when choosing a strong authentication solution including its ease of use. The 2010 Observatoire de la sécurité des cartes de paiement shows that almost one user out of five has had trouble when first using authentication devices. This report reveals that 36% of those interrogated find it difficult to work card readers out, 16% matrix cards, 14% OTPs sent by SMS and 8% tokens. It also shows that most users still prefer one-time passwords and feel these devices do contribute to secure online card payments, especially those providing one-time codes.