VeriSign, Inc., (NASDAQ: VRSN), the leading provider of intelligent infrastructure services for Internet and telecommunications networks, today announced that iPay Technologies has selected the VeriSign Identity Protection (VIP) Fraud Detection Service to provide online security for its customers and financial institutions, further establishing VeriSign as a leader in Internet security services for the financial services industry.
Under terms of the agreement, iPay Technologies will deploy the VIP Fraud Detection Service to secure customer login and transaction information.
"It is our goal to remain ahead of the curve when it comes to providing secure online services for our customers and financial institutions, and we will continue to implement additional features ahead of the issuance of regulatory guidance to ensure that our customers receive the highest level of security, said Kathy Fripp, chief intelligence officer, iPay Technologies. iPay selected VeriSign to be our risk-based authentication service provider because we believe VeriSign will continue to be a leader in the authentication industry in developing secure and seamless solutions for financial institutions and their customers."
FFIEC guidelines require financial institutions to implement multi-factor authentication in an Internet banking environment by the end of this year. The VIP Fraud Detection Service is a component of the VeriSign Identity Protection program, which is a layered authentication approach that provides risk-based and multi-factor authentication as well as a single security method consumers can use to authenticate themselves across any VIP-enabled Web site. Using advanced anomaly detection technology, the VIP Fraud Detection Service provides a non-intrusive means of delivering identity and transaction protection to consumers offering financial institutions an easy to deploy, cost effective solution for FFIEC compliance.
"The recent agreement with Charles Schwab and now iPay Technologies is a reflection of VeriSign's commitment to the financial services industry, and further validates VeriSign's approach in providing best-of-breed risk-based and multi-factor authentication as an integrated and easy to deploy solution," said Nico Popp, vice president of authentication services, VeriSign. "Financial institutions are seeking effective methods to meet FFIEC guidelines, and VeriSign believes in offering a new approach to protecting digital identities that incorporates a comprehensive and layered defense while preserving the user experience and the convenience of the Web channel."
One of the greatest challenges for banks in meeting the FFIEC guidelines is ease and speed of deployment. Most vendor solutions require complex integrations. At a minimum, custom code must be added to the application to invoke the fraud engine custom APIs. The VIP Fraud Detection Service does not require any new code to be written by the bank, thus, offering one of the fastest paths to FFIEC compliance available on the market today.