08 February, 2006
ACS reports that is has received orders for more than 60,000 PC smart card readers for use in two-factor authentication by Hong Kong banks. Nine banks are deploying the readers for use with the Hong Kong Identity Card to secure high-risk online banking transactions per the guidelines established by the Hong Kong Monetary Authority.
HK Leading Banks Are Adopting ACS Smart Card Readers For 2-Factor Authentication In Secure E-Banking Services
Advanced Card Systems Ltd. (HKGEM: 8210), Asia Pacific’s number one in PC-linked smart card readers industry, is happy to announce that ACS has successfully secured orders for over 60,000 ACR30 Smart card readers for 2-factor authentication in HK secure e-banking project, using the Hong Kong Identity Card.
Following the guidelines of the Hong Kong Monetary Authority (HKMA), starting from July 2005, local banks will employ two-factor authentication tools like e-Cert for high-risk online banking transactions. Two-factor authentication strengthens the security of e-banking by offering stronger online identity authentication.
Hong Kong Post e-Cert embedded in smart ID card and ACS ACR30 smart ID card reader are readily available two-factor authentication tool. It uses a combination of two different factors to verify a user’s identity. The first factor is “something the user knows” – the e-Cert password, and the second factor is “something the user has” – the e-Cert embedded in the smart ID card.
The e-Cert password (first factor) is used to generate a digital signature for identity verification and the password does not need to be transmitted over the Internet. The e-Cert embedded HK smart ID card (second factor) is physically held by the user and thus it cannot be stolen by fraudsters over the Internet. Therefore, the identity of e-banking user can be securely protected against theft and fraud over the Internet.
The following banks have already accepted ACR30 smart ID card reader and the e-Cert embedded in smart ID card in their e-banking services:
- Bank of America (Asia)
- BOC Credit Card (International) Limited
- Bank of China (Hong Kong)
- Chiyu Banking Corporation Limited
- Nanyang Commercial Bank
- Bank of Communications (Hong Kong Branch)
- The Bank of East Asia
- CITIC Ka Wah Bank
- Dah Sing Bank
Founded in 1995 and now listed in the Hong Kong Stock Exchange, Advanced Card Systems Holdings Limited (ACS) is one of the selected groups of global companies at the forefront of the smart card revolution. ACS develops, manufactures, and distributes a wide range of high quality smart card reading/writing devices, smart cards, and smart card operating systems to over 80 countries worldwide, facilitating an easier adoption of smart card applications in different industries.
As the world’s fourth and Asia Pacific’s number one industry participant within the smart card PC-linked reader industry [Source: Frost & Sullivan, 2003], ACS has the technology, expertise, and global resources to develop and offer the next generation in smart card versatility to its customers worldwide.