Bank of Maharashtra Launches Online Security App

by CXOtoday News Desk    Jun 20, 2014

apps

Bank of Maharashtra, one of India’s leading public sector banks, launched a secure digital banking app to protect their internet banking customers from sophisticated online attacks. The new banking app known as MahaSecure is powered by Uniken’s digital security platform, REL-ID.

The banking app will enable secure access to online banking facilities for both retail and corporate customers of the bank, according to a company statement. It is aimed at ensuring complete safety and trust in internet banking for all users as there is no dependency on any hardware tokens or SMS. The launch of MahaSecure also underlines the fact that the bank intends to offer greater customer convenience through alternative delivery channels such as the internet banking while ensuring comprehensive security, it says.

MahaSecure is based on REL-ID -a next generation digital security platform developed by Uniken that provides ubiquitous, consistent user experience across multiple digital channels, and creates a massively scalable secure digital banking ecosystem which provides maximum security to the customers.

“As we focus on growth and start reaching out to more customers, we realize that our customer profile is changing. Traditional customer relationships are getting converted into digital relationships as more and more customers are switching to internet banking. In this scenario, it was important for us to assure our customers of complete safety as they access banking services online,” said Narender Kabra, GM, Bank of Maharashtra.

“We are confident that MahaSecure App based on the REL-ID digital security platform with inbuilt 2 Factor Authentication solution from Uniken will largely help us achieve this objective,” he added.

Sanjay Deshpande, CEO and Chief Innovation Officer said, “We are extremely happy and proud to have worked with Bank of Maharashtra.  We believe that the positive step taken by the bank in leveraging Uniken’s REL-ID Digital Security Platform will drive faster adoption of their digital banking channels and provide better and safer online services to their customers.”

Online banking is increasingly becoming popular in the Indian banking industry, as more and more customers find the online medium more flexible and affordable. However, reports also suggests it has resulted in an increase in online malware in the banking system. A new study by security firm Trend Micro reveals that in the first quarter of this calendar year (January-March) India was the third most-affected country in the world by the online banking malware. Towards this end, experts believe not only private banks but also PSBs are gearing up with new security measures to counter such threats.