TynTec's Mobile Trust Service is designed specifically for financial service providers and organizations looking for secure and guaranteed two-factor SMS authentication. By building a mobile component into the transaction process financial services organisations and online companies have a powerful and personalized second confirmation of identity to prevent fraud.

TynTec's unique ability to guarantee delivery of SMS means One Time Passwords (OTPs) will always arrive at the desired user location, allowing these organizations to pass the benefits of time-restricted passwords on to their customers. Not only does this reduce fraud but also helps improve brand perception.

TynTec Partners for SMS Authentication

TynTec and VASCO, the authentication company, work together to supply the Virtual Digipass service, which sends One Time Passwords (OTPs) to mobile devices through SMS messages.

TynTec and Gemalto, the leader in digital security, jointly provide One Time Passwords (OTPs) through SMS messages. The joint mobile authentication solution can also be provided as a dedicated SIM-OTP application.

Protection against Cyber Fraud

The increase in online banking has provided criminals with an increased opportunity to gain access to sensitive financial personal details. A foolproof way to protect against this is to authenticate that the person attempting to gain access is exactly who they say they are. By sending session-based one time passwords via SMS to the device of the account holder organizations can be assured that the correct person is accessing these details.

By sending one time passwords via SMS to authorize online banking transactions, banks ensure a two-factor authentication and avoid malicious attacks from phishing emails and destructive software such as pharming and Trojans. Therefore the level of security is higher than common "bulk" OTPs provided via email or post.

click on image to enlarge

Enhancing customer experience with SMS One Time Passwords

In order to implement an effective strong 2-factor authentication, one time passwords used for application log-in or as e-signature/mTAN for transaction authorization need to be time-restricted.

TynTec can uniquely match this business requirement: firstly TynTec guarantees the transmission of SMS OTPs within 15 seconds. This matches the highest industry standards that request an expiry time of about 30 seconds.

In case the account holder has switched off his mobile and is not reachable, a "time-to-live" is set for each SMS sent. This means that after a given time period TynTec will not try again to deliver the OTP. This ensures that a customer does not receive an OTP after it is expired.

Benefits of SMS based Authentication

SMS is a ubiquitous messaging technology that financial services and banks can utilize as an authentication channel without alienating customers. On the other hand, receiving authentication credentials via SMS is convenient for the consumer, as the mobile phone is a ubiquitous personal device and SMS a very popular way of communication. Most importantly: malicious online attacks and internet scams cannot reach the mobile space.