Stillwater National Bank deploys PhoneFactor authentication system

Source: PhoneFactor

PhoneFactor, the leading global provider of phone-based multi-factor authentication services, today announced that Stillwater National Bank and Trust Company (SNB) has deployed PhoneFactor's award-winning authentication solution to protect its commercial online banking transactions.

By utilizing PhoneFactor's Universal Banking Gateway, SNB was able to rapidly integrate PhoneFactor with their online banking platform -- getting simple, effective protection in place for their customers in weeks rather than months.

Man-in-the-middle (MITM) attacks from malware and online banking trojans are responsible for millions of dollars in fraudulent financial transactions each month and defeat many of the security measures put in place to protect against them. Banks like SNB are fighting back by adding out-of-band multi-factor authentication with transaction verification from PhoneFactor.

When a transaction is initiated, PhoneFactor calls the customer with details about the transaction. To approve the transaction, the user simply enters a PIN during the phone call. Because the transaction is verified across the telephone network, it is not vulnerable to malicious code running on the user's computer.

By leveraging an everyday device -- a phone -- PhoneFactor can be easily enabled for large numbers of retail and commercial online banking customers. With PhoneFactor, there are no extra devices for customers to carry, no secret questions to remember, and no software or certificates to install. PhoneFactor works with any phone, anywhere in the world.

"Given today's threat landscape, we believe getting the right protections in place for our customers today, rather than six months from now, is critical," notes Laura Briscoe, Vice President, Information Security at Stillwater National Bank and Trust. "PhoneFactor's transaction verification system offers strong out-of-band security, is easy for our customers to use, and provides the tools we needed to expedite deployment."

"By deploying out-of-band transaction verification Stillwater National Bank and Trust is providing the best security possible to its customers," said Tim Sutton, PhoneFactor CEO and co-founder. "It's great that they are pro-actively addressing new internet-based security threats."

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