Presentation: Is there a comfortable solution to prevent frauds and false complaints in banking?
This question was core of ProtectAuth presentation during 4th Innovation Day organized by Santander Bank.
Our point was, that banks can implement secure two-factor authentication on durable medium to secure clients money and to avoid false complaints. To achieve those goals 2FA technology needs evolutionary, not revolutionary, changes. ProtectAuth is a way to do that.
A few years ago users trusted text messages, which were most popular confirmation of their actions. When client or the bank needed independent log of the communication delivered to the client, the telecom provider, as a third-party, could provide it.
Recently most secure and popular second factor of authentication is mobile token. In this solution there is no independent party to deliver the history of actions.
Today permanent history of 2FA can be saved real-time in blockchain. That results in storing communication on durable medium and making it available for both sides anytime. ProtectAuth technology not only enables that, but it is also ready to be implemented into existing solutions. This is the next step in evolution of banking security.
Event: Innovation in international financial institution
ProtectAuth’s presentation was one of few ideas to enhance banks and banking during Innovation Day organized by Santander Bank. The event gathered startups with innovative approach to cybersecurity and AI. Each presentation was unique and followed by the round of questions and comments.
More information (in Polish) about the event can be found at: https://fintek.pl/santander-bierze-na-warsztat-kolejne-startupy-kilka-fintechow-jest-blisko-wdrozenia/
