Press Release
31 October 2024
Extra Secure+ Online Banking Firewall (XS+) – A Groundbreaking Development in Online Banking Security
The non-profit UnTS Project has unveiled the Extra Secure+ Online Banking Firewall (XS+), an innovative technology to elevate online banking protection. This new security system empowers users with enhanced control over online transactions and promises bank-guaranteed reimbursement in cases of fraudulent or erroneous transactions.
Introducing XS+ Unprecedented Online Banking Security:
XS+ Online Banking Firewall is a pioneering system designed to revolutionize online banking security. This advanced solution surpasses traditional safeguards by incorporating an additional firewall layer known as the XS+flag, offering unparalleled protection to online banking users and financial institutions alike.
The XS+flag system sets a new standard in online financial security. Outgoing transactions require the presence of an XS+flag on payees’ accounts, ensuring funds are only transferred to verified, XS+ approved accounts. The XS+firewall seamlessly integrates with existing banking systems, blocking payments to any unapproved payee account.
Key Features of the XS+ Online Banking Firewall:
- XS+flag Verification: All outgoing payments are automatically checked for the XS+flag on the payee’s account, with transfers only proceeding to XS+ approved recipients. This blocks unauthorized payees and guarantees security when transferring to bank approved XS+ payees.
- Customized Whitelisting Options: Users can create a personalized whitelist of payees, tailored to specific security needs and risk tolerance. The account holder performs XS+ approval of the payee to their own whitelist and hereby assumes responsibility for losses associated with these non-bank approved payee accounts, on this self-administered list.
- Simple Setup and User Interface: XS+ features a streamlined, user-friendly setup process. Four simple steps allow users to establish high-level security tailored to individual account needs, effectively minimizing the risk of unauthorized transactions.
Steps for Enhanced Account Security:
- Protected Internal Account Access: Users can restrict all access attempts except their own and the bank’s secure servers, ideal for internal transfers and monitoring.
- XS+Flag Control: Allows transfers only to verified, XS+ approved payees, blocking all other accounts.
- Whitelist Control: Users can add their own whitelisted payees, where the bank helps with additional AI supported security assessments. This service is imposed on the banks, although the users take responsibility for these choices.
- Flexible, Individualized Settings: Users can set daily, weekly, monthly, annual transaction limits and time-delayed activation, as well as requirements for authorized approval of settings and new whitelisted payees.
Advanced Security and User Flexibility:
When the account holder has activated the XS+ protection on his online bank accounts, the risk of incorrect or illegal payments is left to the bank. Only own approved white-listed payees can expose the account holder to a risk of loss.
The XS+ bank performs AI monitoring and real-time support with warning of possible risks when the account holder creates and approves payees in their own whitelist as well as when making bank transfers to whitelisted payees.
XS+banks use strong encryption of data transmission and biometric authentication with OTP. This high level of security is particularly important for online banking settings and creation or changes to the account holder’s own white list.
Real-time verification of payment terminals – POS terminals:
For XS+ account holders, paying to an XS+ approved online payee will provide a high level of security, ensuring that customer payments to POS terminals are verified in real time and only transfer the payment to XS+ approved accounts.
If the point-of-sale (POS) is to be able to function offline, it is necessary to perform the XS+flag authentication locally. The XS+bank can define in advance which options the payment terminals can be set to, under strict security conditions.
Feedback and Collaboration:
As a project under development by the UnTS Project, XS+ Online Banking Firewall seeks feedback from stakeholders worldwide to adapt to regional needs and continuously improve its services. Comments and suggestions can be directed to XS@Xsecure.dk.
For further information on XS+ Online Banking Firewall