Entrust, Inc. (Nasdaq: ENTU), a world-leading provider of Identity and Access Management solutions, today announced that the Company has joined the Financial Services Technology Consortium (FSTC) in order to promote and advance the organization's Counter- Phishing Project.
FSTC is a consortium of leading North American-based financial institutions, technology vendors, independent research organizations, and government agencies focused on driving forward interoperable, open-standard technologies that provide critical infrastructures for the financial services industry.
In a recent survey sponsored by Entrust, 80 percent of on-line users indicated that they are concerned with the security of their on-line identity. The results showed a compelling business imperative to address this issue with 72 percent of users who do not currently bank online indicating they would consider doing so if the security of their on-line identities were better protected. Furthermore, 65 percent of respondents said that the protection of their identity would influence their selection of the bank with whom they deal.
FSTC is focused on defining technical and operating requirements of financial institutions for counter-phishing measures. This includes clarifying the infrastructure fit, requirements, and impact of technologies when deployed in concert with customer education, enforcement, and other industry initiatives.
"We are pleased to welcome Entrust as the newest FSTC member and part of the FSTC's counter-phishing initiative," said Zachary Tumin, Executive Director of FSTC. "Entrust brings to the table over ten years of secure identity management expertise, and has a proven track record for achieving and promoting strong industry and government security requirements."
In a recent report, Gartner notes that "phishing" attacks have risen dramatically in the past year and are beginning to significantly undermine consumers' trust in online commerce. Banks and other companies that greatly depend on online consumer sales and services must act quickly to provide more- secure services to prevent slowing growth of online commerce.
"There is a clear need for the industry to come together to combat identity theft and fraud. Unabated, this represents one of the most significant threats to continued growth of on-line services," said Chris Voice, Vice President, Secure Identity Management at Entrust. "FSTC's Counter-Phishing Project is committed to promoting the necessary technologies and standards to help protect institutions and consumers alike. By working together with industry leaders in the financial services industry, we can come up with real-world solutions for combating on-line Identity Theft."