Service delivers one-time passwords to bank customers.

Press Release Summary:



To assist with eliminating fraud, Mobile One-Time Passwords (OTP) service enables banks to send customers secure, single use, time limited passwords for access to online banking tools. It utilizes proprietary SMS back-end infrastructure and provides secure delivery of all messages within 5-15 seconds. OTPs are requested by consumers each time they want to perform online transactions, and password is expired after one use or when scheduled life-cycle has expired.



Original Press Release:



Tyntec Launches Mobile One-Time Passwords for Banking Industry



TynTec launches secure, timely and guaranteed delivery of security passwords for retail banks

Enterprise-quality SMS provider TynTec (www.tyntec.com) today announces the launch of mobile One-Time Passwords (OTP) for the banking industry. The service, which will enable banks to send customers secure single use, time limited passwords for access to tools such as online banking, uses TynTec's proprietary SMS back-end infrastructure, giving guaranteed secure delivery of all messages within 5-15 seconds.

Cyber fraudsters, whether employing phishing tactics, key logging software, Trojans or other malicious programmes, are an ever present and increasing threat for the retail banking industry. By providing an extra level of password protection, OTP's give a new and effective layer of security, giving a level of protection not possible with traditional static passwords.

OTPs, a type of so-called 'soft token', are the latest tool for banks in the fight against cyber fraud - rather than relying on traditional memorised passwords, OTPs are requested by consumers each time they want to perform transactions using the online banking interface. When the request is received the password is sent to the consumer's phone via SMS. The password is expired once it has been used or once its scheduled life-cycle has expired.

The TynTec OTP solution offers a number of advantages over standard SMS delivery. The fact that TynTec can offer a unique guarantee of delivery within 5-15 seconds backed by a measurable SLA means consumers will always get their password in a timely fashion. As well as avoiding inconvenient waiting for users, the fact that OTPs are time-restricted means that rapid delivery is essential. In addition, TynTec's
proprietary infrastructure means they can offer banks a direct path between their secure systems and the consumer, giving the system the highest level of security.

Markus Kramer, Banking Product Manager at TynTec, said: "OTPs have been seen as a key tool in enhancing the security of things like online banking but, to date, the delivery system has remained a problem.Ordinary SMS can get delayed or even lost and the back end cannot offer the level of security that people would expect of sensitive banking information. We can offer an SMS solution that will get to consumers
within seconds of their request and will do so in absolute security."

About TynTec

TynTec (www.tyntec.com) is an enterprise quality SMS operator for corporates. The company provides SMS messaging solutions for mission-critical usage, offering advantages over traditional consumer SMS and mobile email. Whereas many consumer SMS are never delivered, TynTec is unique in guaranteeing 100% delivery of every message sent. As the reach of SMS is ubiquitous, simple to use and the cost of ownership dramatically lower than mobile email devices, SMS has a big advantage as an
enterprise message tool. Major corporate customers include British Airways, Accenture, Unilever and TNT.

TynTec provides several solutions for companies in a variety of industry sectors wishing to use enterprise SMS. This includes the Corporate API solution, which allows enterprise-scale SMS delivery to be seamlessly incorporated into existing IT infrastructure. As well as this TynTec offers eBizSMS, which is a web-based application allowing enterprise quality SMS to be sent and received directly from a user's desktop.

TynTec is able to offer a high quality of service, and adherence to demanding SLAs (Service Level Agreements) because it enjoys unparalleled access to the global GSM network through operators such as Manx Telecom, Digicel Jamaica and Alands Mobiltelefon. The service is available across more than 340 networks in 140 countries and also allows companies to extract important data, such as location of phone and receipt of SMS delivery.

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