Penta’s 5D Security
When someone talks about a bank’s security, you probably imagine a huge vault like this one.
Today’s bank account security, however, is largely a combination of cybersecurity and a number of other elements that are designed to protect you from potential fraud or money loss. At Penta, security is one of the key topics we focus on.
We call our approach 5D Security as it includes 5 layers of security:
- Platform stability
- Security features
- Online payments security
- Offline payments security (bank card security)
This post will shed some light on how we make sure that your business’s money is 100% secure with Penta and our banking partner, solarisBank.
Penta’s features: ensuring security and fraud control
Security starts with the basic features in a bank account that let you protect the funds from being misused. Let’s have a look at the key features that we designed for your security.
TAN-Authentication for transactions
Whenever you initiate a transfer from your Penta account, we require you to enter a special confirmation code sent to you via an SMS. This number is called “TAN” – Transaction Authentication Number. Using TAN allows us to make sure that no one but you can send a payment from your account.
Penta card design
Many of our customers love their Penta card for its bright outstanding design, but only a few know that this design also ensures higher security. With the card number placed on the back side and written in a smaller font, obtaining your card details is not as easy as with many other cards out there.
Custom account permissions
In your Penta account, you can assign custom permissions to each account user – that way only an authorized person can make a transfer from your bank account. You could enable other users to make payments and own cards on behalf of the business or you could let your secretary or accountant prepare the transactions but only allow 1 person in the business to approve them. That way only one mobile phone number is used to confirm all the outgoing payments.
Custom spending limits
Have you ever been worried about overspending from your business card? Have you ever faced an issue with your colleagues accidentally spending above the limit?
Well, we have you covered. For each Penta card you can set a custom spending limit (up to 25.000 Euro per month), specifying the limits for online and offline purchases. With this, you not only have more control over your finances but you also protect yourself from fraudulent charges.
It’s always good to know what’s happening with your business’s money, right? That’s why with Penta you can get notified with an email whenever a transaction occurs. To make this extra security layer useful, we let you choose what you want to be notified about.
Easy card ‘freezing’
Imagine, you arrive at the office on a Monday morning and you can’t find your Penta card. Did you leave it at home? Was it stolen? Whatever it is, with Penta you have no reason to worry – you can immediately freeze your Penta card in your account. If you find the card, you can unfreeze it in a blink of an eye and keep using it as usual. If you believe it was lost or stolen, you can simply reorder the card from the Penta dashboard.
We are working on a number of other security features that will soon be available for all Penta users:
- 2-factor Authentication Login – in the future, you will be able to turn on an additional layer of security for your Penta account login. This would require not only entering your email and password, but also a unique code generated via an SMS/Google Authenticator app.
- Mastercard 3D Secure – this is an authentication method for safer shopping on the internet. To make large payments online, you would need to enter a confirmation code sent to you via SMS, the same way you do today for all bank account transactions.
Penta’s platform: security and stability
Almost daily, we hear about companies and institutions being hacked. That is why cybersecurity is one of the key elements we focus on when building our banking interface at Penta.
To make sure your money is secure at all times, we do professional penetration audits on a regular basis using a range of different tests – from black-box testing to grey- and white-box testing. It’s also important to note that our tech team combined has over 30 years of experience in cybersecurity.
Another key element of cybersecurity is protecting sensitive data – e.g. your email or password. To do that, we use security SSL-certificates that ensure traffic encryption and use advanced encryption for all the sensitive data items. Your transactions data will also be SSL-encrypted between our app and our integration partners.
Our banking partners, solarisBank (your account-holding institution) and Wirecard Bank (card-issuing institution) are both well-established, internationally active companies that also comply with the highest security standards.
Have you ever had an issue with your traditional bank’s online banking being unavailable? We did as well and that’s why we built Penta differently.
To make sure you always have access to your online banking and experience as little bugs as possible, we run a wide variety of manual and automated tests before each release of new features. The tests are run on different levels – for example, we do unit, build, API, and UI-level tests for each feature we add. This overall process is called Quality Assurance and is done by certified QA specialists.
Unlike many other companies, we maintain a very high ratio of quality assurance specialists to developers: 1 QA specialist per 1.5 developers vs the industry average of 1 QA specialist for every 5 developers. Thus, we allocate a lot more time and investments towards testing efforts compared to other fintech companies. All of this is done to make sure you have a pleasant and bug-free experience with Penta.
Your money is held by solarisBank, which has a European full banking license. solarisBank is a member of the Deposit Guarantee Fund of the Federal Association of German Banks under the supervision of BaFin and the European Central Bank (ECB). The balance on your Penta account is covered by the Deposit Guarantee Fund under EU directives up to €100,000.
At Penta, we are committed to protecting your personal information and ensuring that you have full control over how it is used. Penta and all of our integration partners are fully compliant with the new EU General Data Protection Regulation (GDPR). In cooperation with our banking partner solarisBank, we have adapted our terms of the contract.