Kotak Securities Introduces ‘Security Key’ to Safeguard Online Transactions

June 25, 2008 - PRLog -- In keeping with Kotak Securities’ commitment to provide optimal online security for its customer to increase the safety of online trading, the Security Key solution uses the concept of a dual password system. The security key generates a dynamic and unique six-digit password every time it is switched on. The customer has to login with his ID, password and this dynamic code to be able to transact online. It is a user-friendly product enabling risk-based authentication that allows Kotak Securities to apply an appropriate level of security and reduces the chances of fraudulent practices.

According to Mr. D. Kannan, Executive Director, Kotak Securities Ltd., “At Kotak Securities, we understand the importance of safeguarding the investments of our customers; and that is precisely what a trusted security expert, such as Entrust will do, to boost the confidence of our customers and instill trust in our brand."

“Risk-based authentication — even via a Security Key — shouldn’t be cost prohibitive,”  said Entrust Chairman, President and Chief Executive Officer, Mr. Bill Conner. “Enabling secure transactions through the online channel creates greater safety for both the organization and the customer. By offering strong authentication to its customers, Kotak  proactively protects its customers and its brand online, and we applaud them for that.”

Mr. Ramesh Lakshminarayanan, Group Head of IT & Infrastructure, Kotak Mahindra Group., speaking about the implementation, said, “Kotak always has been attracted to the strong level of security that hardware Security Keys provide, and now that they are available at a cost efficient price from Entrust we can employ one of the strongest methods of authentication available.”

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Kotak Securities Limited is a subsidiary of Kotak Mahindra Bank Limited and is the stock broking arm of the Kotak Mahindra Group. With a market share close to 7.3%* and India’s leading stock broking house. Kotak Securities processes over 300,000 secondary market trades everyday and manages a huge equity asset pool with over Rs. 3300 crore under management. Awarded the Number One “Prime Ranking” in 2004, it is one of the leading distributors of Initial Public Offers (IPO). It has also been the winner of many prestigious awards such as – ‘Best Performing Equity Broker in India’ by CNBC – TV 18 – Optimix Financial Advisory Awards 2008.