World's 12th-largest bank increases grid authentication to more than
DALLAS, Nov. 13 /CNW/ -- A year ago, the Chilean subsidiary of Banco
Santander faced a challenge familiar to many financial institutions: the
protection of their online customer base via strong authentication. Their
choice to partner with Entrust, Inc. (Nasdaq: ENTU) and deploy the Entrust
IdentityGuard versatile authentication platform -- a key component of a
layered security approach -- was extremely successful; so much so, in fact,
that the financial institution announced the solution has expanded to secure
an additional 300,000 users.
"With its diverse options and easy-to-use authenticators, Entrust
IdentityGuard was the very best choice to secure our Web portals and protect
our customers," said Banco Santander Internet manager Laureano Cuesta. "In
fact, it was so successful we did not hesitate to deploy the solution to
another 300,000 customers. We had complete confidence that Entrust
IdentityGuard would handle the expansion with ease and that Entrust support
would be readily available to address any of our questions."
Part of the Santander Group, one of the largest financial groups in the
world, Banco Santander originally considered one-time-passcode (OTP) hardware
tokens, which would have been much more expensive for their customers. The
grid card, which was the authenticator Banco Santander opted to implement, was
the perfect choice.
"Banco Santander should be commended for taking a proactive approach to
protect consumers online by implementing the right authentication solution --
grid cards, in this case -- to address the needs of their customers," said
Entrust Chairman, President and Chief Executive Officer Bill Conner. "Part of
a layered security approach, Entrust IdentityGuard provides Banco Santander
with the ability to bolster online security and tailor authentication
according to the risk of their customers' transactions."
During implementation a year ago, Banco Santander branded the Entrust
IdentityGuard grid card as "Super Clave"
(http://www.santander.cl/campanas/superclave/index.asp). Prior to deploying
Entrust IdentityGuard, the bank used password-based two-factor authentication,
but now can leverage stronger authentication to protect the integrity of
transactions, such as money transfers.
The Entrust IdentityGuard versatile authentication platform not only
provides strong authentication, but also can help minimize operational
challenges such as burdens to help desks and infrastructure maintenance. A
self-service option provides the unique capability to confirm the identity of
a user with substitute authentication options -- should the need arise --
effectively minimizing downtime and increasing efficiency.
The platform's flexible deployment options can enable organizations to
match strong authentication methods to the level of risk they have determined
to be associated with the different types of users, transactions and
applications in their environments. In addition to Entrust's patented
grid-based authentication technique, the Entrust IdentityGuard versatile
authentication platform offers a variety of authentication options ranging
from machine and knowledge-based authentication to physical second factors
such as the $5 Entrust IdentityGuard Mini Token, which was introduced to the
industry earlier this year.
Banco Santander Chile is the largest bank in Chile in terms of loans and
deposits. The bank has the highest credit ratings among all Latin American
companies with an "A rating" from Standard and Poor's, A+ by Fitch and an A2
rating from Moody's, which are the same ratings assigned to the Republic of
Chile. The stock is traded on the New York Stock Exchange (NYSE: SAN) and the
Santiago Stock Exchange [SSE: Bsantander]. The bank's main shareholder is
Santander, which controls 76.71 percent of Banco Santander Chile.
Santander Group, founded in 1857, has more than 129,800 employees, 69
million customers and 2.3 million shareholders. While the group has a large
international presence in Europe and the U.K, their Latin America operations
include banks in Argentina, Uruguay, Colombia, Brazil, Mexico, Chile,
Argentina, Puerto Rico and Venezuela. The organization's primary business
pillars consist of retail banking, wholesale banking, asset management and
insurance. In 2007, Santander held its 150th anniversary as the world's
12th-largest bank by market cap, the seventh in terms of profit, and the bank
with the largest retail network in the western world (10,852 branches).
Entrust (Nasdaq: ENTU) secures digital identities and information for
consumers, enterprises and governments in 1,650 organizations spanning 60
countries. Leveraging a layered security approach to address growing risks,
Entrust solutions help secure the most common digital identity and information
protection pain points in an organization. These include SSL, authentication,
fraud detection, shared data protection and e-mail security. For information,
call 888-690-2424, e-mail email@example.com or visit http://www.entrust.com.
Entrust is a registered trademark of Entrust, Inc. in the United States
and certain other countries. In Canada, Entrust is a registered trademark of
Entrust Limited. All Entrust product names are trademarks or registered
trademarks of Entrust, Inc. or Entrust Limited. All other company and product
names are trademarks or registered trademarks of their respective owners.
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