The bank has signed an agreement with IBM Philippines which will implement its Internet Security Systems that features 2FA--a technology that requires an online user to provide a second means of identification in order to obtain access to Metrobank's online banking facility. To implement the project, IBM will offer its project management methodology and technical expertise, integrated with VASCO's authentication token solution and Data Security Systems Solutions' strong authentication and token management solutions.

"Our objective is to have the strongest level of security for online banking without having to complicate the sign-in and user authentication procedures that might drive online users away," said Dennis Suico, executive vice president at Metrobank. "As Metrobank direct Internet banking facility has been gaining popularity, we want to maintain this leadership by ensuring a secure Internet online facility to increase the level of protection for our clients."

New and changing risks in cyberspace such as identity theft, phishing, pharming, and increasing incidents of fraud caused serious concern for companies doing business over the Internet.Banks and financial institutions, in particular, are common targets and face the challenge of continuously looking for effective measures to safeguard customers' information and electronic transactions.

With2FA, Metrobank will be able to strengthen its compliance with BSPCircular 542 on Consumer Protection for Electronic Banking.

Before the security upgrade, Metrobank direct used single factor-authentication whereby a user is required to enter a customer ID and password to prove the user's real identity. The 2FA is expected to enhance the authentication process by requiring a second means of identification through a security token thereby protecting clients against evolving online banking threats. IBM says that 2FA is the most suitable level of security in online banking while maintaining a simplified user sign-on procedure.