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2008 Best Deployment Scenario

SafeNet Web-Based PIN Issuance Solution Saves Money Reduces Fraud and Improves Customer Experience for Egg Bank

Egg the UK's leading online bank and a member of Citi became the U.K.'s first Internet-only bank in 1998. Today it is the world's largest online bank with 3.2 million customers. Egg is a savvy agile organization that leverages the Internet in innovative ways to improve both efficiency and customer experience.

Challenges: Personal Identification Numbers (PINs) are increasingly used to authenticate customers and authorize credit card transactions such as ATM withdrawals or retail purchases. Egg used to issue millions of new PIN mailer letters through the postal service. In addition every time a customer forgot a PIN another letter was mailed. In short sending PINs through the traditional mail delivery channel was very costly time consuming and highly insecure. Egg was looking for a better solution.Egg wanted their customers to experience the best service possible by being able to use their cards immediately after receiving them rather than having to wait seven to ten days for their PIN to follow by mail.

Egg also wanted to lower the risk of fraud that typically occurs when PIN mailer letters are intercepted en route to customers as well as decrease the costs associated with providing up to three million new PINs a year. Leveraging the Internet seemed like an obvious solution for this online bank. However allowing customers to retrieve their PINs via the Internet seemed dangerous even to some of the company's own security experts. Egg began a search for a highly secure automated and convenient method of delivering PINs to customers over the Internet. The Web-based PIN management system had to be not only absolutely secure but also fast and reliable.

One of the biggest challenges of the project was ensuring that the customer was the only person able to view their PIN. Egg insisted on a solution that would prevent anyone or anything from being able to gain knowledge of the PIN number as it traveled to the rightful owner of the card. It was imperative that they could demonstrate to their peers within the payment industry that they were improving the security of the payment network rather than weakening it. Preventing disclosure of the PIN across the entire transaction would be difficult. The third-party card issuer holding Egg's customer PIN data had doubts as to whether a te

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Solution provided: Egg knew they would need an experienced security technology partner so they approached SafeNet about the project. SafeNet's award-winning PIN management platform ViewPIN+ perfectly suited the challenge. With its hardware-based application security module ViewPIN+ would offer hardware key management and would ensure that cryptographic keys and processes were at all times stored and managed exclusively within FIPS-validated hardware. Code signing and verification would maintain the integrity of the Java application code and prevent unauthorized application execution. Additionally strictly-enforced access and usage policies would prevent unauthorized access to sensitive applications or data. With tamper-resistant hardware network connectivity and secure remote administration only SafeNet ViewPIN+ would make it possible for Egg to deploy sealed high-assurance Java Web service applications which proved to be a critical project-enabling capability. Time savings are also a significant factor. A PIN request through the Egg Web site is fulfilled instantly and the customer can use their card immediately. In contrast a PIN request that has to go through the postal system can take up to 10 days assuming it is not subject to interception fraud and actually arrives to the rightful account owner. That equates to week or more that the customer is either not using the card for purchases or is doing so with a card from another issuer; multiplied by the large number of credit card customers Egg has and you have a huge potential loss of revenue and an unnecessary inconvenience for customers.

Summary: Since ViewPIN+ was deployed the technology has had a 100 percent success and reliability rate. Another major benefit of the Web-based PIN issuance solution is the hard cost savings. For every card customer Egg saves in postage and fulfillment costs while providing the customer with better service - a win-win situation for the bank and its customers. ViewPIN+ is a perfect example of SafeNet strives to make banking secure. SafeNet provides encryption technologies to the top financial institutions around the globe securing more than 80 percent of the world's interbank transaction- approximately $1 trillion a day.

SafeNet Inc.
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