Deka Bank Financial Services
"IDEE GmbH offers a new way of thinking for securing and leveraging digital identities with best-in-class security, privacy and usability. This was instrumental in enabling the digital transformation of the Capital Markets’ new products and meeting the stringent regulatory expectations. Furthermore, IDEE’s customer success team worked closely with our experts to achieve a fast and smooth time to market. We are looking forward to our continued partnership to leverage IDEE’s extendable solution within DEKA." Stephan Hachmeister, Managing Director - Capital Markets @ DEKA
Deka Bank – Frankfurt, Germany
Deka is one of the largest financial securities service providers in Germany, acting as the clearing house for the 300+ Sparkassen banks and their investments worth in excess of €300 Bn. The capital markets division set out to transform the way institutional investors could manage their portfolio and their assets, to create new business opportunities for Deka and the Sparkassen they serve. Our client decided to create a whole new digital product that would allow users to not just check but also transact on-line, on the web or in apps. This in turn helps Deka drive new big-data & machine learning strategies and to robotize processes.
High-value Transactions & FSI Regulations
Because of high-value transactions and the associated FSI regulations, Deka required a strict approach to the security & privacy of the digital identities. The requirements for user authentication rapidly came into question, especially considering the known vulnerabilities of passwords and regular MFA solutions. Complex solutions for mitigating passwords would have added immense costs and hindered the experience, critical to user adoption for Deka’s new product. Other options with secure central credential databases were discarded as they left the issues of user privacy and insider threats unresolved. A fresh and novel user experience was also mandated by Deka’s product owner to showcase the innovative approach taken by Deka in the way they manage the relationship to their customers, partners and suppliers. Least but not last our Deka would only choose a solution that offered enterprise-grade management capabilities and end-user self-service possibilities.
A Strong Solution & Swift Delivery
IDEE GmbH demonstrated that AuthN™ integrated (via industry recognized standards) with Deka’s core IAM system could deliver a strong solution with a fast time to market. The Extended Zero-Trust™ architecture of AuthN™, satisfied Deka’s internal and external security assessments, with high praise given to AuthN™ for the protection against insider threats on IDEE’s side and Deka’s side. AuthN™ does not include a central credentials database nor stores PIIs which satisfied Deka’s privacy requirements in full. Additionally, the standard and advanced management features of AuthN™ have proven to provide a problem-free user experience both online and offline, including self-service backup & recovery. Finally, Deka benefits from an enterprise-grade management experience with APIs for users, devices and logging via a GUI-based management dashboard.
And now?
Deka is now able to rapidly deploy their new product to the total user population by simply sharing a link to their white-labelled IDEE app (100% OWASP score). Moving forward, Deka can benefit from AuthN™ plug & play extendibility to cover a range of use cases including strong customer authentication (SCA) for private clients and road-warrior profiles.
Adversary in The Middle (AiTM) - Video Demo
AiTM is the one attack that commentators say can bypass MFA. We disagree. Watch our videos to see these attacks in realtime & see how you can prevent them.
