Mashreq Bank Implements Internet Banking Security Solution

DUBAI, UNITED ARAB EMIRATES – AUGUST 11, 2009 – Mashreq Bank, one of the largest banks in the United Arab Emirates (UAE), has implemented a 2 Factor Authentication solution called CRYPTO-Shield 2 FA from CRYPTOCard for its corporate customers, which provides high levels of security for online access with a simple user experience. Bulwark Technologies, IT Security specialist and regional distributor of CRYPTOCard facilitated the deployment of CRYPTOCard tokens at Mashreq Bank.

Commenting on the implementation, Ms. Yasmeen Javaid, Divisional Manager for Transactional Banking, Mashreq Bank said, “The Middle Eastern population has historically had a distrust of online security methods, such as keying in passwords into a web browser. However there has been a growing demand for online banking functionality that has brought a need to overcome this security hurdle. In the Middle East the banking sector is flourishing and highly competitive, and Mashreq’s corporate clients expect the latest innovations. Mashreq needed to provide a trustworthy ebanking security solution. The bank had trialed 2FA for a year, but customers experienced problems with synchronization and timing-out. Additionally, the administration burden had been greater than anticipated. We required a more reliable solution that would easily integrate into our internal processes and most importantly, meet our customer satisfaction goals. CRYPTOCard technology filled this need perfectly”.

Mashreq opted for the server-based CRYPTO-Shield 2FA with long-life hardware tokens, which did not expire and have a long battery life. Each customer is assigned a hardware token, which has a unique ID and barcode, against which the bank uses its software to set financial limits for these customers. The tokens are dispatched from Mashreq by person-to-person delivery in tamper-proof packages. Each customer presents valid identification and signs for the package, verifying it has not been compromised, Mashreq then checks the delivery signature and customer ID before activating the online banking service. Mashreq’s customers have faith in the system since the unique password that the token algorithm creates is highly secure and the hardware is both robust and reliable.

The CRYPTOCard hardware tokens carry Mashreq’s corporate branding. The technology is – and is perceived to be – a high tech and functional tool by Mashreq’s customers. Mashreq has taken this a step further by issuing the tokens in branded leather wallets, which makes them a suitable item for even the highest level customers to carry.

CRYPTO-Shield is a complete authentication solution that consists of a suite of applications designed for implementing and operating strong passwords using two factor authentication enabling efficient password validation. CRYPTO-Shield provides everything that is required for securing Remote Access, Domain and Desktop Logon or Web Portal access with two-factor authentication. It offers a low total cost of ownership, simplicity, flexibility, higher security and excellent levels of user satisfaction.

CRYPTOCard’s continual innovation has allowed Mashreq to keep ahead of customer service requirements. These requirements include internal financial requirements, such as auditing, reporting and workflow automation, allowing the bank to scale its online solutions in line with frequently changing requirements, and in a secure manner. “By the time we have identified a new requirement from our 2FA solution, CRYPTOCard has already plugged it”, added Ms. Javaid.

About Mashreq Bank
Mashreq is one of the largest banks in the United Arab Emirates (UAE), and was established more than 40 years ago. The bank has a strong corporate banking presence in the region including Egypt, Qatar and Bahrain, and a further 12 offices in nine countries covering Europe, Asia, Africa and North America. The bank also has a dominant retail position in its local markets - one in every three households in the UAE banks with Mashreq.
For more information please log onto: http://www.mashreqbank.com

About CRYPTOCard
Twenty years of technical excellence have won CRYPTOCard the trust of thousands of customers in over 70 countries. With the highest levels of encryption, most robust tokens and lowest total cost of ownership, CRYPTOCard offers unsurpassed value in solutions for positively identifying individuals through strong password security. The only company to offer authentication in server-based, managed service and build-it-yourself options, CRYPTOCard provides the most flexible solutions on the market for
matching customer’s password security policies.
For more information please log onto: http://www.cryptocard.com

About Bulwark Technologies LLC
Founded in 1999, Bulwark Technologies LLC is specialized in IT Security solution, supported by industry leaders as technology partners. The company represents well-known companies in the areas of Antivirus/Content Management, Firewall/VPN/UTM Appliance, Mail Server, Network Monitoring, Remote Control/Helpdesk, SSL VPN Secure Remote Connectivity, Secure Authentication, Thin Client Computing, Total Configuration Management, Unified Communication, Vulnerabilities Scanners and Web Analytical Solution. Bulwark’s qualified, well trained and certified technical staffs are in a position to provide support and professional services for the products and solution dealt by them.
The products delivered by the company enable businesses and organizations, both in public and private sectors, to manage enterprise network and critical devices to be safe and secure. For more information, please visit: www.bulwark.biz/index.html.

Oak Consulting
PO BOX 78835, Dubai, UAE

This release was published on openPR.