PhoneFactor, the leading global provider of out-of-band authentication services, today announced that it has entered into a partnering agreement with Fundtech (NASDAQ:FNDT) to provide additional security for online banking logins and transactions.
PhoneFactor is now available as an integrated option within CASHplus, Fundtech's award-winning cash management solution. Integration with other Fundtech products is also available through the PhoneFactor Universal Banking Gateway.
Fundtech has over 1,000 clients worldwide, including 50 of the world's leading banks. "Our clients look to us as a trusted partner in the fight against online banking fraud," said Ed Gainer, Senior Vice President of North American Cash Management at Fundtech. "We are committed to providing them with best-in-class products to address today's online banking threats. By partnering with PhoneFactor, we've made it easier than ever for our clients to enable out-of-band authentication to enhance the protection of their online banking customers."
PhoneFactor will provide Fundtech clients with integrated out-of-band 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 also offers out-of-band authentication by sms text message and a voice biometric option.
"We are pleased that Fundtech clients will now have direct access to PhoneFactor's leading authentication technology from within the CASHplus solution," said Tim Sutton, CEO of PhoneFactor. "By working together, PhoneFactor and Fundtech can help financial institutions quickly deploy out-of-band authentication to protect against even the most sophisticated online banking threats."