SIBS Chooses PrivateServer HSM to Perform EMV Validations

Algorithmic Research (ARX), a leading worldwide provider of electronic signatures and data security solutions, has provided an EMV CAP authentication solution, based on PrivateServer HSM, to validate transactions for SIBS (Sociedade Interbancária de Serviços), Portugal's Multibanco network administration organization.

EMV CAP enables eBusiness solutions to take advantage of the highest security levels; based on guidelines laid out by EMV, the global smart card standard chip protocol formed by Europay, MasterCard and Visa, and Mastercards’ Chip Authentication Program (CAP). "The adoption of EMV CAP, supported by ARX’s PrivateServer HSM, allows eBusinesses to offer a two-factor strong authentication mechanism that would greatly enhance their security," says Rui Meneses, EMV-CAP Project Manager, SIBS.

A typical scenario would see strong user authentication offered to home-banking Web sites. Thanks to PrivateServer HSM, ARX’s high-performance and highly secure (FIPS-140 level 3 validated) solution, SIBS can enhance the entire transaction process.

Used together with a reader, an EMV CAP-based card provides a mechanism for a One Time Password (OTP) to authenticate both the user and the transaction. This will enable secure home banking services that until recently have been particularly vulnerable to attacks by fraudsters using fake websites, stolen passwords, phishing and other schemes to obtain account information.

"With the generation of OTP, the secure authentication systems make it impossible to carry out transactions in connection with rogue bank accounts," says Meneses. "This threat has increased recently with growing numbers of hackers trying to obtain sensitive data."
 
A further benefit to users is that the chip-cards are safer to use than the magnetic strip cards, which may be easily copied.

"PrivateServer gives SIBS the ability to provide a complete, high-performance, highly secure, EMV CAP system that meets EMV CAP standards," says Dr. Gadi Aharoni, CEO, ARX.

"PrivateServer can support, depending on the environment, more than 4,000 typical card transactions per second, which is an important feature for SIBS and the banks it represents because of the expected high volume card usage," he adds. 

With over 20 years of activity and positioned as an international reference in the payments systems activity,  SIBS contributes to the general efficiency of the banking system, through the offer of technological payments solutions, combining security, effectiveness, confort and innovation at the lowest possible cost.
As one of the biggest European Automated Clearing Houses, SIBS has processed more than 1.785 millions operations last year.

About PrivateServer™

PrivateServer is ARX’s highly secure network attached, Hardware Security Module (HSM) that provides a secure environment for conducting sensitive cryptographic operations, secure key storage and management of a large number of keys.

PrivateServer provides a cost-effective, highly secure (FIPS validated), and reliable solution. PrivateServer offers solutions to a versatile range of industries: financial, commercial, and governmental. More information about PrivateServer is available here

About Algorithmic Research (ARX)

Algorithmic Research (ARX) is a leading global provider of electronic-signature and data-security solutions. The company offers a wide range of high-end and state of the art products and services designed to simplify, secure, and accelerate electronic transactions. ARX specializes in designing and implementing easy to use, simple to deploy, electronic signature and security solutions, combining software and hardware products, for small, medium and large computing environments.

ARX has more than 18 years of experience in assisting financial institutions, governmental organizations and commercial sectors to secure and streamline their processes and transactions.