SMS Gateway offers Secure Financial Messaging – Part 2
As discussed in our last SMS gateway post, financial institutions are moving towards mobile platforms, utilising the benefits offered by SMS gatewaytext messaging. SMS gateways can also offer additional security benefits to financial institutions, who need to ensure that their text communications are kept secure and private.
Straight fraud alert messages can be sent to thousands of customers at the same time, using bulk SMS, through an SMS gateway. These notification messages are reliably delivered, regardless of the location of the client, as an SMS gateway has relationships with hundreds of network operators all over the world. Besides this ‘straight’ use of text messaging to help reduce risk for financial institutions, there are also further SMS security measures that can be put in place and monitored through the reporting function of an SMS gateway account.
1. Two-Factor authentication: This is an additional security system that interacts with the user. If the user is attempting to log into their account online, a unique, one-time PIN is dispatched to their registered mobile phone number. This number needs to be entered at log-in before the account will activate. Delivery of these messages can be tracked and monitored using the SMS gateway web-based interface.
2. Card not present option: Following an online transaction (for example, adding a beneficiary to their account), the user will receive an additional authentication token via text message, which they will need to type-in before being allowed to complete the transaction through the SMS gateway.
3. Another authentication option that SMS gateways provide is the ability to convert PIN code verification SMS messages into voice or audio messages – thus eliminating any security problems that may arise from storing the PIN code in a mobile phone’s SMS outbox.
4. Through its API connections, the SMS gateway can facilitate the secure transfer of monies, send account balance notifications and forward fraud alerts.
You can connect to an SMS gateway through a range of application programming interfaces (APIs). The choice of API is dependent on your organisation’s existing infrastructure, but they are, for the most part, easy-to-implement, flexible connections that can be configured to suit the specific needs of your financial institution. The SMS gateway enables organisations to select from a variety of message routing options – from 0.8 to 3 credit message routes – to suit budget and redundancy requirements. SMS Gateways will also normally provide 24/7 technical back-up and support.
Still not convinced that your institution should implement mobile communications using an SMS gateway? Remember the benefits of utilising the high-reach, high-volume, secure transmission capability of SMS gateways: financial institutions profit from assured message delivery, real-time alerts that reduce fraud and therefore risk, two-factor authentication processes, and the additional ability to offer truly customer-centric service.
Log on next week as we take a look at how leading UK banks and insurance companies have taken the benefits offered by SMS gateway connections and used them to competitive advantage.
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Tags: Clickatell UK, mobile banking, sms gateway, sms gateways, SMS messages, two-way SMS
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