SOURCE: PhoneFactor


April 18, 2011 09:30 ET

Proton Bank Deploys PhoneFactor in Greece

PhoneFactor Out-of-Band Authentication Helps Fight Widespread Banking Fraud in Europe

OVERLAND PARK, KS--(Marketwire - Apr 18, 2011) - PhoneFactor today announced that Proton Bank S.A., a leading financial institution serving private and corporate clients throughout Greece, has implemented its award-winning multi-factor authentication service to add a critical layer of security to Proton's eBanking application.

PhoneFactor works by placing an automated phone call to the user to authenticate online banking account logins and transactions. The user simply answers the call and enters a memorized PIN on the phone keypad to authenticate. It works with any phone, anywhere in the world and protects against password phishing, keyloggers and other forms of malware, which are especially pervasive in Europe.

PhoneFactor's out-of-band authentication service is trusted by leading banks worldwide to protect millions of online banking users. "The service works perfectly for our clients," said Fotis Mitsakis, Proton Bank CTO. "The user experience is fully localized. So when a user receives an authentication call, the messages are all in Greek. It's quick -- the user's phone rings within a few seconds, and the caller ID displays a local number."

Proton Bank had evaluated other methods to strongly authenticate online users, such as OTP tokens, but had concerns about the security of these systems. Ultimately, the real-time protection and out-of-band architecture offered by PhoneFactor compelled Proton Bank to choose it over tokens. "The level of security is invaluable, but the service is also much easier than a token solution for both our customers and our IT department," added Mitsakis.

"In today's global economy fraud knows no borders," notes Steve Dispensa, CTO and co-founder of PhoneFactor. "We are pleased to work with institutions like Proton Bank who are leading the fight against online banking fraud abroad. Other banks worldwide are following suit as out-of-band authentication becomes widely recognized as a best practice in protecting online banking customers from increasingly virulent and sophisticated threats."

In addition to securing online banking, PhoneFactor also offers multi-factor authentication services to secure employee remote access and cloud services for enterprises worldwide.

About PhoneFactor
PhoneFactor is a leading provider of multi-factor authentication. The company's award-winning platform uses any phone as a second form of authentication. PhoneFactor's out-of-band architecture and real-time fraud alerts provide strong security for healthcare, enterprise, banking, and website applications. It is easy and cost effective to set up and deploy to large numbers of geographically diverse users. PhoneFactor has been named to the Bank Technology News FutureNow list of the top 10 technology innovators securing the banking industry today and as a finalist in the SC Magazine Reader Trust Awards. Learn more at

About Proton Bank
Founded in 2001, PROTON Bank is a dynamic, developing Bank providing integrated financial services. Even though PROTON began its operations as a specialised investment Bank, it soon established its mark in the domestic banking sector, expanding its activities in commercial banking.

Always maintaining its investment banking culture, PROTON is a client focused organisation, with client care the cornerstone of its philosophy. The objective of PROTON's strategy is the provision of personalised financial services that add value to its customers. PROTON's clients enjoy quality services in the areas of investment banking, corporate banking, retail banking, private banking & wealth management, and capital markets & brokerage.

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