E-security firm Entrust has guaranteed that any financial firms signing up to its Zero Touch technology by 16 October will meet the end of year deadline for compliance with the Federal Financial Institute Examination Council's (FFIEC) guidance for online authentication.
The Entrust Zero Touch FFIEC Compliance Solution includes the vendor's Zero Touch Fraud Detection platform and multi-factor authentication software IdentityGuard.
The platform features real time detection technology and key fraud rules including geo-coding, behaviour and transaction profiling. Because this method can operate in real time to help stop or reverse potentially fraudulent transactions, it can address the FFIEC online authentication requirements, says the vendor.
Entrust chairman, president and CEO, Bill Conner, says almost 80% of financial institutions have yet to roll out technology to meet the FFIEC deadline.
Conner says in a recent Entrust poll, 52% of IT executives from banks ranked impact to business applications the number one factor in choosing FFIEC compliance technology.
"Because our fraud detection solution doesn't touch back end applications, we not only address this need but are so confident we can do it in time to meet the FFIEC deadline, we will guarantee it," he adds.
Dallas-based Entrust has also reporting a contract with Banco Santander Santiago for 260,000 licenses of its IdentityGuard product, which uses random grids of alphanumerical characters that are in turn used to answer a challenge presented when accessing online transactions.
Customers can access the grids in multiple formats, and in this case the Chilean bank is providing its Web banking customers with stand-alone plastic "grid cards", which will be branded 'Super Clave'.
"We considered both tokens and PIN/TAN for stronger security. Tokens would require we pass along the cost to our customers, and PIN/TAN just didn't offer the security strength we wanted," says Banco Santander Santiago Internet
security manager Laureano Cuesta.
Entrust says the contract was secured by local reseller Neosecure and the technology was implemented at Banco Santander Santiago by IT services firm Altec.
Banco Santander is the first Latin American Bank to implement the IdentityGuard technology.