Leading Bank in Sweden Helps Prevent Social Engineering Attacks with OneSpan

OneSpan™ (NASDAQ: OSPN), a global leader in software for trusted identities, e-signatures and secure transactions, today announced that Swedbank has begun distributing OneSpan’s Cronto^® solution to one million of its customers to help protect account access and online transactions from social engineering attacks while improving the customer experience.

Social engineering attacks continue to rise worldwide¹, requiring banks to find ways to future-proof online and mobile banking against ever-evolving trojan or man-in-the-browser attacks. A growing number of European banks are stopping social engineering attacks using OneSpan’s Cronto solution. Delivered either via hardware or a mobile app, Cronto helps banks prevent social engineering attacks using a patented visual transaction signing solution that encrypts the transaction details and prevents transaction details from being changed by hackers.

Cronto improves Swedbank’s login and transaction signing experience, allowing customers to simply scan and then enter a six-digit code to sign a transaction. In addition, the solution enables the bank to comply with the PSD2 authentication and dynamic linking requirements.

“We continuously evaluate, refine and update our IT solutions in parallel with technology development, to provide our customers with banking solutions and services that deliver a smooth and secure customer experience,” said Swedbank Information Security Manager, Peter Lundin. “OneSpan is a great partner to deliver on our goals given the company’s proven track record within the financial industry and its future-forward Cronto technology.”

“Banks face a threat landscape that continues to evolve with social engineering enduring as a popular technique,” said OneSpan CEO, Scott Clements. “Financial institutions like Swedbank are working with OneSpan and choosing our innovative technologies to prevent attacks while addressing regulatory compliance requirements.”