Raiffeisen Switzerland, a Swiss retail bank, has deployed VASCO Data Security International’s CRONTO technology to secure its online banking transactions.

The new technology, which is an authentication and transaction signing solution, will replace the matrix card formerly used by the bank to address security concerns.

The technology vendor said that its CRONTO technology has been designed to protect the bank from sophisticated hacking attacks.

To use the solution, customers need to use the camera in their mobile phone or VASCO-built handheld device to capture a barcode displayed on their PC screen. This barcode is instantly decoded to showcase the transaction details.

Raiffeisen Switzerland head of e-banking Thomas Etter said: “Thanks to PhotoTAN technology, no customer has ever had a manipulated payment.

“Also, customer feedback has been very positive which is of the utmost importance for us, because we always want to balance between user convenience and security.”