PhoneFactor and Fiserv partner for phone-based multi-factor authentication
26 May 2010 | 3826 views | 0
PhoneFactor, Inc., the leading global provider of out-of-band authentication services, today announced that it has partnered with Fiserv, Inc. to provide phone-based user authentication through the Corillian® Online banking solution.
The new phone-based authentication option will be integrated into Intelligent Authentication™ from Fiserv, a strong multi-factor user authentication tool that is available to financial institutions that use Corillian Online. Intelligent Authentication allows financial institutions to offer both passive and active user authentication options in addition to a traditional user name and password, reducing the risk of fraud and identity theft in the online channel.
Fiserv, the leading global provider of financial services technology solutions, provides online banking and bill payment services to thousands of financial institutions, including 25 of the top 50 financial institutions in the United States.
"Financial institutions are actively seeking to minimize risk for their organization and their customers," said Geoff Knapp, vice president, Online Banking and Consumer Insights, Fiserv. "Our partnership with PhoneFactor will enable financial institutions that use Corillian Online and Intelligent Authentication to provide their account holders with a phone-based authentication option, giving them another tool to protect themselves against fraud."
PhoneFactor will provide Fiserv clients with integrated multi-factor authentication services, including user authentication and transaction verification services. PhoneFactor works by placing an automated call to the online banking user during login. The user simply answers the call and presses # (or enters a PIN) on the phone keypad to complete the login. In addition to ensuring that the legitimate user is logging in, PhoneFactor can verify specific online transactions, protecting against man-in-the-middle attacks from malware like Clampi and ZeuS, all through an out-of-band channel.
PhoneFactor will be demonstrating the integrated solution at the Fiserv Connex 2010 client conference May 24-26 in Boca Raton, Fla.
"We are pleased that the many financial institutions that use Corillian Online from Fiserv will now be able to benefit from PhoneFactor's leading authentication technology without integration obstacles," said Tim Sutton, CEO of PhoneFactor. "We believe this relationship will extend Fiserv's technology leadership position by further strengthening its highly secure application for the financial services industry."