Newport Scientific touts FBiSureID fingerprint authentication technology
09 November 2005 | 2174 views | 0
Source: Newport Scientific Research
With the tremendous rise of identity theft and online fraud, the U.S. federal government has imposed new online authentication guidelines for financial institutions operating web based transactions.
These guidelines are to be met by the related companies in 2006, providing a short time and lacking specific methods for compliance.
"Current solutions the banks have tested fail to reliably identify customers and defeat keyboard logging, phishing or other socially engineered fraud," commented Jeff Crandell, Director of Product Development for Newport Scientific Research.
"The problem with tokens and other alternatives are that they really don't fix the authentication issue, they just shorten the password life, or require additional questions to be answered. And these methods have already proven to be beaten by keyboard loggers and other Trojans," said Crandell. "By the time a password changes in 60 seconds, your account can be empty."
"FBiSureID represents a real solution to the problem," says Crandell. "Only by eliminating passwords can you truly defeat fraud and hacking efforts." The FBiSureID technology replaces traditional login and password access to web sites with fingerprint identification access via the FBiDrive, bypassing the most abused weakness of protected Internet sites.
"Token systems and multi question authentication systems can already be beaten by combining keyboard logging software with automated raids on customer accounts," says Crandell. "Therefore financial institutions using these technologies are steps behind the aggressive worldwide fraud and identity theft community."
The patent pending FBiSureID technology is a new breed of authentication technologies which can provide two factor identification without making users enter more answers to login questions or rotating passwords. "No matter what questions financial sites ask the consumer to answer, the responses can be stolen by keyboard loggers or phishing tricksters," says Crandell. "And unlike the question and answer game, with FBiSureID customers couldn't reveal their access information even if they wanted to."
Financial institutions have already tried password changing tokens, but with extremely limited results. "Less than 1% of ETrade customers signed up for password generating tokens," commented John Shanahan Jr., Vice President of Newport Scientific Research. "We believe this is because tokens add extra steps to the login process and they are single purpose devices. People don't want to carry a pocket full of these things.
"With the FBiDrive and FBiSureID, users click and provide a fingerprint. They don't even have to launch the web browser and type the web site address," commented Shanahan. "Consumers become quickly addicted to this shortcut process. Our research has shown that widespread customer acceptance will only happen by offering security along with convenience."