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eMudhra Ties Up With Watchdata
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Tuesday, February 28, 2012:
eMudhra Consumer Services Limited, a consumer technology service provider and a Certifying Authority for issuing Digital Signature Certificates, and Watchdata Technologies, a recognized pioneer in providing secure digital transaction solutions today announced a strategic business alliance to enable the Banks with the “SWYS” Key (Sign What You See) solution which will give unmatched level of security for the online banking.
In the past few years, transactions and commercial activities that are being done online have increased multifold. Correspondingly, online frauds have also been roughly doubling every year. Recent statistics indicate that more and more security threats arise from the customer side rather than on the network and server side. Online fraud incidents are very frequent and alarmingly increasing in the recent days which shows that Indian consumers are emerging as one of the prime targets for online frauds. Currently the Indian consumers use weak authentication techniques for their online transactions thereby exposing their online transactions to cyber fraud attacks.
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Lack of availability of adequate stronger authentication techniques in India is one of the reasons for such frequent incidents of online frauds. In order to develop suitable online authentication techniques for Indian consumers, eMudhra has set up a R&D team and successfully developed SWYS Key authentication technique which is in confirmation with the standards prescribed by the Reserve Bank of India in their Information Security Guidelines and Information Technology Act.
Deadly malicious software is used to change the key transaction details such as amount, account number, etc. and thereby diverting the transfer to different account. SWYS Key displays the key data in a separate token and allows the user to validate the key data and further digitally sign the transaction to ensure that “What you See is What you Sign” and the transaction is safe. The entire solution suite will comprise of a Watchdata’s WatchKEY OCL token, an authentication solution and a Digital Signature Certificate.
“eMudhra is excited about the strategic tie-up with Watchdata. Online security is a major concern in the present scenario. We are constantly working on addressing the security issues and I am sure, this tie-up with Watchdata will help us in significantly increasing the security levels in online banking”, said Mr. Ravi Jagannathan, MD & CEO, eMudhra Consumer Services Limited. “Our association with Watchdata Technologies will provide us a great platform and an opportunity to strengthen our growth and vision. This tie-up will enable us in enhancing our presence in India and Mauritius. Banking sector and online transactions are key focus areas for eMudhra - and Watchdata is an established player in providing security solutions. Jointly we look forward to grow our solutions footprint across various segments in India and Mauritius”, he added.
Commenting on the occasion Mr. Vijay Parthasarathy, Director, Watchdata Technologies Pvt. Ltd said, “We are elated to be associated with eMudhra Consumer Services Limited. Our primary aim is to reduce online frauds and assist end users in easy and secured online transactions. Recent statistics indicate that more and more security threats arise from the customer side rather than on the network and server side.”
“Cyber criminals usually target key information, such as identity and transaction data. Our SWYS Key solution is designed specially to address these issues. The opportunity for online security solution is very good in India and we are pretty confident to serve the Indian market with user friendly and cost effective security solutions,” he added.
Expressing his happiness at this tie-up Mr. R Srinivasan, Director, Watchdata Technologies further added, “It is a moment of great pride for us at Watchdata to enter the Indian market to address the issue of safety and security in online transactions with a reputed partner like eMudhra”.
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