ValidSoft and Serisys Solutions ("Serisys") have partnered to offer financial institutions in China, the highest level of integrated authentication security through VALid, the industry leading, real time, out of band, multi-factor authentication solution.
Serisys will promote and distribute VALid throughout China, offering a multi-lingual solution and local support in order to address the sophisticated threats to transaction and event security that are becoming an increasingly high priority today.
Explaining the growing cost of fraud, Tim Marsh, chairman of Serisys said: "Banks expend a lot of effort containing losses on card fraud at an average cost of three per cent of every transaction. They are looking for a simple, unobtrusive and accurate authentication solution that will radically reduce the rate of fraud, the cost and the high level of obtrusiveness currently involved in checking transactions - the advanced VALid solution now enables banks to achieve these objectives."
VALid is a multi-factor, multi-channel authentication and transaction verification solution designed by ValidSoft to suit mass-scale deployment.
It enables users of mobile and fixed line phones and other wireless devices to access secure services over the Web or via other networks, without having to carry a separate physical security token or device, or undertake any modifications to their phones. VALid is suitable for Web Access (including Internet Banking), Telephone Banking, Mobile Banking, Call Centre authentication, Card Present Fraud Prevention, Extranet and VPN authentication.
Based on real time, out of band, conversational authentication, VALid is not only capable of providing protection against more traditional attacks, but also against the latest threats such as in-session hijacking and sophisticated emerging fraud techniques such as Man-in-the-Middle and Man-in-the-Browser attacks. VALid achieves this high level of security through its sophisticated Transaction Integrity Verification model (TIV) backed by a series of Mutual Authentication capabilities.