Cronto banks on anti-malware

Cronto, a developer of security software for the financial sector, has launched an anti-malware product with Commerzbank subsidiary Comdirect Bank AG.

The software CrontoSign, known as photoTAN in Germany, uses secure visual transaction authentication to provide an extra layer of security for online banking which was developed at the University of Cambridge (UoC). Any transaction will prompt the user to scan a security image on screen with a smartphone running photoTAN, which then recognises the image and releases an authorisation code.

Launched in 2005, Cronto has gone on to sign several partnerships with banks around the world to deliver its security product, including Raiffeisen Switzerland and Chile-based bank CorpBanca.

Igor Drokov, chief executive of UK-based Cronto, said: “Following the successful rollout of photoTAN by Commerzbank AG earlier this year, Cronto is privileged to collaborate with another strong market leader such as comdirect bank, allowing more German customers to enhance both security and convenience of their financial transactions.”