Bharosa announced it has been selected by CAVALI ICLV S.A., the entity which clears and settles transactions for the Lima Stock Exchange, as a security provider for CAVALI's online portals.
CAVALI has selected Bharosa's Virtual Authentication Devices as a means to enable secure, multifactor user authentication for its online systems.
"We are pleased CAVALI is among the financial institutions taking a proactive stance to upgrading their online security," said Thomas Varghese, president and CTO for Bharosa. "CAVALI is moving rapidly, given the high volume and sensitive nature of transactions flowing through CAVALI's online systems."
More financial institutions are moving quickly to implement multifactor online security in the US and abroad, in response to a rising tide of online identity theft attacks such as Phishing, Trojans and Man-in-the-Middle. US banks are actively following recent guidance issued by the FFIEC calling for multifactor online authentication security by end of 2006. Bharosa solutions satisfy the FFIEC guidance with a highly secure solution ideally suited to the needs of large financial institutions.