S1 and Digital Envoy team for online fraud prevention

S1 and Digital Envoy plan to offer financial institutions with S1 Enterprise online banking solutions state-of-the-art transparent authentication capabilities to enhance their strategic security technology.

This initiative is part of S1's overall security strategy that includes collaboration with a number of industry-leading security solution providers focused on financial institutions. "Security is at the center of our efforts to deliver the most advanced customer-facing applications to the financial services market," said Jaime Ellertson, CEO of S1. "S1 solutions are designed to enable a secure, flexible environment that incorporates systems that address the unique security needs of financial institutions. S1's approach enables a broad range of solutions for our customers, and our work with Digital Envoy is one of the significant steps we're taking to continue to advance our focus on Internet banking security."

Bill Calpin, Digital Envoy's president and CEO said, "Digital Envoy offers a breakthrough approach to preventing identity fraud with our Fraud Analyst solution, which uncovers information about online activity to stop attacks as they happen. This adds a powerful underlying system for preventing fraud that transcends traditional authentication methods, which fall short once an identity is stolen. Through our efforts with S1, we look forward to working closely together to help financial institutions achieve complete solutions for their security and identity theft issues and to prevent fraud throughout the customer lifecycle."

Digital Envoy's IP Inspector Fraud Analyst used with S1 online banking solutions can deliver to S1 customers a real-time identity verification solution that acts as a first line of defense and helps to prevent fraudulent transactions such as account hijacking once an identity has been stolen. Furthermore, Fraud Analyst is a privacy-sensitive solution that remains transparent to online customers, allowing banks to provide strong authentication without disrupting the consumer's normal experience while banking online.

Digital Envoy's Fraud Analyst solution allows financial institutions to uncover new levels of insight about online transactions. Using an online customer's unique identifier - an IP address - Fraud Analyst non-invasively uncovers more than a dozen data elements referred to as "IP Intelligence" such as geographic information, connection speed, domain name, ISP and language. It then automatically analyzes this information against multiple data sources and behavioral profiles to prevent online fraud in real time. This approach to multi-factor authentication is a cost-effective and reliable method to prevent online fraud losses while automating the customer authentication process throughout the customer lifecycle, whether validating new accounts, preventing account hijacking, or adding a new layer of security to online transactions.