Sri Lanka's Bank of Ceylon tightens internet banking security

Jan 25, 2008
Bank of Ceylon (BOC) has deployed international authentication services provider VeriSign's hacking and identity theft countering security features in its online banking transactions in Sri Lanka.
VeriSign's Identity Protection Services (VIP) for BOC's online banking customers will provide an extra layer of security through VeriSign's multiple authentication scheme.
The scheme uses a security token which contains a dynamic combination relevant to the bank, apart from the normal username and the password.
This restricts hacking or identity theft (phishing) whenever an online transaction such as a payment, fund transfer or banking transaction takes place.
Only a handful of e-commerce sites recognize online payment and other commercial activities from Sri Lanka but Janaratne plans to discuss with web sites to provide customers with the BOC token the ease of online transactions.
The VeriSign authentication service is used by over 500,000 websites, 93 percent of the Fortune 500 companies and 40 of the world's largest banks.