OneSpan taps Veracode to test bank fraud prevention software

Veracode and OneSpan combine to limit data breaches at banks

Veracode recently announced that OneSpan, the global leader in securing remote banking transactions, will begin using its platform to secure mobile solutions and protect organizations from fraud.

Veracode, the largest independent global provider of application security testing solutions, serves upward of 2,500 customers worldwide. Since its inception, Veracode has assessed more than 14 trillion lines of code and has helped numerous organizations fix more than 46 million security flaws.

“Organizations that provide their developers with the tools, training, and speed to address vulnerabilities directly within their workstream are not only more secure, but faster to market,” says Ian McCleod, chief product officer, Veracode. “While the financial sector is among the most mature with advanced application security, financial institutions are under ever-increasing pressure to move quickly to meet the needs of their customers. The security of the applications they use is a critical differentiator.”

More than 10,000 customers use OneSpan, including 60% of the top 100 global banks. Its product solutions include identity verification and authentication, fraud analysis and mobile app security, just to name a few. 

“The financial sector is one of the most targeted industries with regard to cyberattacks and other digital threats. OneSpan’s customers invest in our secure solutions to help them fight fraud and protect sensitive information and processes. OneSpan follows secure coding practices to support secure software development,” states OneSpan director of product security, Frederik Mennes. “The Veracode platform enables our developers to automate testing and use testing tools in an integrated development environment (IDE) as part of our secure development process.”

According to a recently released report by the Ponemon Institute, the average cost of a data breach within the financial sector amounts to $5.86 million, while brand reputation, customer retention, and stock price are also likely to be impacted during a breach. This Veracode and OneSpan combination should help mitigate some of this risk. 

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