TOPPAN IDGATE Offers Highly Secure Authentication for Digital Banking

TOPPAN IDGATE Offers Highly Secure Authentication for Digital Banking

by May 9, 2023

Digital technology is increasingly transforming financial services. In the era of mobile devices, digital services through mobile apps have become part of our daily lives. The question now is whether one can trust the system to manage their assets and money via virtual services?

With a zero trust architecture, the internet is never trusted, and digital financial services aim to always verify and authenticate information. Authentication is the most significant element of a digital service structure.

TOPPAN IDGATE, a Taiwan-based company, joined the TOPPAN group in 2020 and has focused on digital identity authentication for more than 10 years.

Part of the company’s solutions is the unique mobile device binding technology which is a patented push notification mechanism and high-secure face recognition technology.

TOPPAN IDGATE provides digital identity lifecycle management solutions for digital banking services from enrollment and registration to authentication, even for device changes. This is to support device rebinding via biometrics.

TOPPAN IDGATE holds more than 70% market share of Taiwan’s digital banking market

TOPPAN IDGATE has been adopted by more than 70% of digital and virtual banks in the Taiwanese market. In addition, it has been applied to numerous banks in Hong Kong and Southeast Asian (SEA) countries.

By using device-binding technology, TOPPAN IDGATE provides safe and user-friendly multi-factor authentication solutions. Today, the company has more than a million banking customers’ records, which demonstrates IDGATE’s reliability and compatibility.

Offering a highly secure authentication method

In the past, an OTP (One-Time Password) was used to authorise a digital transaction, such as SMS OTP or hardware tokens. However, SMS OTPs are a cybersecurity risk as hackers can forward the codes easily by implanting malicious apps on users’ devices.

Financial institutions pay a great deal of attention to this threat. In terms of hardware tokens, there is no doubt that they are relatively safe, but they are expensive and difficult to store and manage.

For example, Bank Negara Malaysia (BNM) had announced plans to implement five additional measures to combat rising financial scams. The most significant measure will be the migration of SMS One-Time Passwords (OTPs) to more secure authentication.

Other measures include tightening fraud detection rules. Among the new rules are a cooling-off period that will be observed for first-time online enrolments, customers being restricted to one mobile or secure device for authentication as well as the setup of dedicated hotlines by financial institutions for customers to report financial scams incidents.

In light of the above measures, the adoption of more secure methods is expected to be on the rise as there will be a need for a connection between users and their mobile devices for digital identity verifications.

TOPPAN IDGATE develops its own biometric face recognition ‘iDenFace’

TOPPAN IDGATE’s FIDO-certified device binding solution iDenKey is based on regulation-compliant authentication technology. With iDenKey, mobile devices can be used as a strong authentication system for mobile apps, using a risk-based authentication method.

iDenKey supports multi-factor authentication by risk level, including biometric face recognition. TOPPAN IDGATE had developed its own technology referred to as iDenFace, ranked Top 12 by NIST Face Recognition Vendor Test (FRVT), a benchmark evaluating facial recognition algorithms, in 2021.

To support more banking customers in the SEA market, TOPPAN IDGATE aims to draw on its successful experience and reliable cases.

IDGATE has expanded into the SEA market since 2019 and currently has several reference cases in Singapore, Indonesia, Malaysia, Vietnam, and Cambodia as a result.

Learn more about TOPPAN IDGATE here