Volkswagen Bank, the financial services arm of the German automaker, is turning to QR code-like technology to fight threats posed by hackers. The bank, which focuses on vehicle and dealer financing, implemented the new technology with the help of OneSpan (formerly Vasco), a security and e-signature solutions company based in Chicago.
In addition to protecting against hackers, Volkswagen Bank is aiming to meet PSD2 regulations. “The financial industry is changing rapidly as the result of higher customer demands, the move to mobile and new regulations,” said Mario Bandau, project manager at the bank, in a statement.
See also: Inherently High-Risk, Banks Seek To Tackle Cybersecurity Risks and Costs at Once
Chad Hetherington, global vice president of professional services at software provide NICE Actimize, earlier this year told Bank Innovation that companies are turning to technology more and more to fight financial crime. “Instead of spending on bodies and people higher up, now they’re spending on technology in order to be able to drive down all the operational costs they’ve had with regards to hiring people,” he said, adding that the challenge is finding people who understand both banking and tech. “It’s not enough just to have great technology.”
