US West Coast bank Wells Fargo has upgraded its online security platform in an effort to provide a layered approach to safeguarding customer assets.
The new security enhancements include technology from Bharosa and Quova to determine whether customers are logging in from their usual location, behavioural analysis software from Actimize, and one-time password tokens from RSA Security for SME high dollar funds transfers.
The improvements are intended to meet with compliance guidelines laid down by the Federal Financial Institutions Examination Council (FFIEC) that are due to take effect next year.
Jim Smith, executive vice president of Wells Fargo's Internet channel and products, describes the fight against online fraud as an evolutionary process: "No one solution can solve the problem of online security. We favor a layered security approach....and best-of-breed solutions - to protect customers' information and funds in a way that is seamless and also does not inconvenience them."