Polaris Unveils Internet Banking Security Card
Polaris Software has launched Intellect PRIVACY card, which is based on state-of-the-art technology and four patents filed by the Indian Institute of Technology Madras. IndusInd Bank has become the first bank in India to implement Intellect PRIVACY, an online and internet banking security card, for its internet banking customers.
Intellect PRIVACY is a simple plastic card that customers can use to generate a one-time password (OTP) for carrying out any kind of online banking transaction including the sign on. Banks can issue booklets containing a desired number of cards that would last many transactions. The card has no pilferage value by itself and customers can easily manage its life cycle, including making a request for a new booklet and reporting loss of cards through online banking. Intellect PRIVACY is the latest addition to Polaris’ Global Financial Enterprise Security suite and is tightly integrated with the Online Banking and Portal solutions.
Developed using the patents filed by K. Balaraju, a student of the MS (Entrepreneurship) programme of IIT Madras, Intellect PRIVACY uses multi factor, dynamic authentication technology providing for authorizing online banking transactions, in a completely secure platform.
Commenting on the product launch, Govind Singhal, President and COO, Polaris Software Lab said, "Security of online users in the banking industry is an area of growing significance. With rising instances of phishing attacks and considering the need for a secure alternative, we innovated in this area. With Intellect PRIVACY Banking Security Card, banks will be able to build and enhance online banking customer’s confidence."
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