Posted By: Uniken | Posted On: January 22, 2020
Pune, January 16, 2020: Punjab National Bank recently partnered with Uniken to integrate its award winning REL ID platform for their PNB Verify app. This integration will help PNB ensure a flawless and error-free environment for all transactions made on the app by the users, thereby eliminating the risk of all possible cyber threats. Uniken has created a niche for itself and has been a preferred choice when it comes to cyber security, especially in the finance sector owing to its zero fraud record till date. Uniken has been working with other major national banks by offering its unique REL-ID technology. Uniken’s long-term successful association with partners is a testimony to their ability to implement, sustain and support large deployments with best outcomes.
PNB Verify application by Punjab National Bank provides additional security to authenticate financial and certain non-financial transactions initiated through Internet Banking channel or through Debit Card (e-commerce). Customer shall be able to verify (Accept or Reject) Internet Banking or Card transactions through the PNB Verify app rather than entering One Time Password received on mobile.
Speaking on the partnership, Bimal Gandhi, CEO, Uniken said “Every new partnership is a testimony to our unique and state-of-the-art solution we provide through our REL-ID platform. But partnering with giants like Punjab National Bank means a lot more than just business proliferation. It keeps us on our foot and motivates us in putting relentless efforts in improving our product and keeping up with the expectations that we have set, and even outdoing ourselves.”
He further added “REL-ID hosts various unique features that will help PNB Verify app be foolproof. We have enabled cryptographic signing that ensures that each transaction is digitally signed and is non-repudiable.”
The integration of REL-ID in the PNB Verify app will result in stronger prevention against Man In The Middle (MITM) attacks owing to its latest ciphers and elliptic curve cryptography. It creates an invisible multifactor authentication mechanism ensuring device trustworthiness and identity verification during app enrollment. In addition, the REL-ID storage provides stronger prevention against credential harvesting and phishing attacks.
Mr. Divyang Rastogi, AGM, IT, Punjab National Bank said “Customer’s satisfaction and their data security is our priority, and we are always willing to go the extra mile to ensure the same. Through the implementation of Uniken’s REL-ID in the PNB Verify app, we have got access to a lot of security features that will help our customers in making their transactions through the app convenient and quick.”
Key customer centric features includes:
- Replace SMS OTP based transaction authorization by pull based out of band notifications
- Notifications are received and visible only after strong multifactor authentication
- Eliminate SIM frauds by using customer’s device fingerprinted app to be used for authentication and transaction authorization over a strongly authenticated secure communication channel
- Show complete transaction details encrypted using secure channel to provide customer full transaction context at the time of transaction authorization
- Use of strong Biometric, FaceID, TouchID authentication on trusted device allows one tap login to authorize transaction
- Detailed Notification history displayed on the App ensures the details available for review
- Protect data and transactions over public internet/wireless by virtue of MITM proof secure channel
REL-ID from Uniken offers the most comprehensive suite of protection, detection and correction technologies in the mobile app security/shielding space. No other solution in the industry organically combines device fingerprinting, app fingerprinting, user identity management, malware detection, multi factor authentication, secure channel and cryptographic digital signing in one single small footprint SDK while maintaining maniacal focus on UX/CX.
True to its name, Uniken is a pioneer in the field of digital security. Uniken's flagship product REL-ID is an advanced, first-of-its-kind security platform that secures connections between customers and businesses by eliminating all possibilities of data breach and fraud. A mobile-first solution, REL-ID effectively protects customers, enterprises and the entire ecosystem from a wide variety of risks such as identity attacks, device attacks and network attacks. For its pioneering products, Uniken has received various awards and recognition including Gartner Cool Vendor in Identity and Access Management (2018) and Forrester Now Tech Industry Leader in Authentication Management Solutions (2018).
While traditional systems focus on reducing risks, Uniken's security platform has been designed to eliminate the occurrence of all potential threats. Uniken has handled more than 2 billion interactions till date and there has not been even a single case of stolen identity, data breach or financial loss.
Uniken's focus on zero defects concept is the primary thing that gives its security platform a disruptive profile. Security experts have maintained that all security systems are vulnerable to some form of security threats. It has been believed that a system that's 100% secure can never be built. However, Uniken's REL-ID has proved these assumptions wrong and has tons of data to back its claims.