IBM Japan disclosed that the tech company supported the Chugoku bank (its head office is located in Okayama Prefecture) with developing system to introduce “phone one-time password” service into the bank’s internet mobile banking service. The phone one-time password service at the bank has launched in July 21.

As the Chugoku Bank drew up a medium-term management strategy for 3 years starting from FY 2014, the bank has been actively working on revitalizing the regional economy by providing advanced and comprehensive financial services such as new lending with positive risk taking, and supporting growing fields, overseas expansion, and management improvement. To strengthen internet mobile banking service, enhancing security is considered as an essential task to give users better safeness.

This phone one-time password on the bank’s internet mobile banking service is a function which automatically notifies pre-registered user’s phone number of one-time password when the user is trying to process money transfer via PC to new beneficiary accounts. The Chugoku Bank become the first Japanese financial company introduced this service.

In case the user’s computer is infected by virus and his/her password is stolen, the risk of fraudulent transfer will be able to reduced by the phone one-time password. This service will develop more secure environment for the bank’s online users.

(Source: IBM Japan)