China Trust Commercial Bank
China Trust Commercial Bank (CTCB) is a leading bank in Taiwan known for its pioneering approach to seeking new solutions for providing better security and service to its Internet bank customers. In 2008 this approach, and their choice of Todos bySMS, won them the Enhanced Internet Bank Security Program OTP award.
Due to a rapid increase of dispute transactions on the Internet, Taiwanese authorities recently announced a new regulation regarding transaction on electronic channels stating that only PKI solutions are permitted, unless users are transferring money to already the engaged accounts. To provide convenient yet secure service to its customers, CTCB decided to set up a One-Time Password (OTP) authentication mechanism for its Internet bank users.After a thorough evaluation process, two vendors were picked to create a Proof-of-Concept on-site and Todos won the vote due to the very flexible eCode solution. Todos bySMS met all the requirements of change management and has proven to be very easy to integrate with existing Internet banking systems.
The OTP authentication system went live in May 2006 and so far there are more than 250,000 registered users. A signed OTP which is related to a specific transition is sent to the user by SMS when it is required to be verified. Daily transactions are around ten thousand including fund transfers, deposit account services, mutual fund transactions, credit card services etc. CTCB are planning to integrate their OTP authentication system with the Visa 3-D Secure ACS for online payment. Todos takes pride in CTCB’s successful introduction of bySMS authentication to its online banking service and is proud to see CTCB continuing to spread this system to cover most of their online authentication needs.