Transaction authentication device launched by SafeNet

SafeNet has launched a safe signing device designed to avoid e-banking fraud and to secure online transactions.

Named the optical eToken 3500, the corporate claimed that it authenticates each transaction, as opposed to simply the user at sign-in, to give protection to against ‘man-in-the-middle' attacks.

Using a sensor to enable optical signing technology, customers should not required to go into a transaction ID directly into the token because the device optically reads the transaction number from the pc screen and the user pushes a button to make sure it truly is correct. This eliminates the necessity for manual inputs, which simplifies the electronic signing process for the user while reducing errors.

According to the corporate, the eToken 3500 generates a one-time password (OTP) when a user presses a button at the token. This creates a special electronic signature by reading the encrypted details of a financial transaction from a working laptop or computer screen. The user holds the token up against the screen, the token reads the transaction details after which generates the electronic signature. The user then keys the signature into the browser and, in doing so, confirms the transaction is valid.

Andrew Young, vice-president of authentication at SafeNet, said: “To combat fraud and manage risk, customers need transaction protection and signing solutions that make sure the transaction itself is validated.

“SafeNet's portfolio of identity and transaction solutions, including the eToken 3500, is purpose-built to handle the original risk requirements of monetary services, delivering the perfect levels of protection throughout the transaction lifecycle without impeding the shopper experience.”