VASCO Data Security International, Inc. (NASDAQ: VDSI), a global leader in authentication, electronic signatures and identity management, announced today the launch of its newest weapon to identify and mitigate hacking attacks.
IDENTIKEY Risk Manager (IRM) is a comprehensive risk management solution that improves the methods and speed with which organizations can detect fraud. IRM also allows organizations to perform more security functions in the background, reducing the security burden on their customers.
IDENTIKEY Risk Manager combines sophisticated, real-time risk analysis, multi-channel transaction monitoring and risk-based authentication to deliver an innovative solution for fraud prevention and compliance. IRM identifies and scores risks in real-time and at critical steps to determine risk levels and initiate protective action when suspicious patterns are identified. VASCO acquired the core technology of IDENTIKEY Risk Manager with its 2014 acquisition of Risk IDS, Ltd., a provider of risk-based authentication solutions to the global banking community.
"Spending on online and mobile fraud mitigation technology will continue to rise," stated Julie Conroy, research director for Aite Group's Retail Banking practice. "Banks have a wealth of data at their disposal. Those that are harnessing that data to convert it into actionable intelligence are reaping the benefits in the form of better fraud prevention and less friction for customers."
The multi-channel transaction monitoring capabilities of IRM detects fraudulent activities across any application, enabling organizations to quickly respond to evolving fraud patterns, comply with regulatory mandates, and improve operational efficiency. By identifying unusual patterns and behaviors, and stepping up security with risk-based authentication where required, IRM creates a more secure environment in a way that does not impact user experience.
"At the same time that the sophistication and volume of hacking attacks continues to grow, users are demanding more simplicity," stated Jan Valcke, President and COO at VASCO Data Security. "With the addition of IDENTIKEY Risk Manager, we're able to offer a comprehensive approach to multi-channel fraud prevention including application security, multifactor and risk-based authentication and transaction monitoring."
Contributed | what does this mean?