Source: PassMark Security
Certegy Inc. (NYSE:CEY), a leading provider of services to credit unions and community banks, today announced plans to integrate PassMark Security's Two-Factor Two-Way Authentication system with its Internet Banking, Cash Management and Bill Pay system.
The new end-to-end solution will allow Certegy's e-banking customer base of over 1,000 financial institutions to offer their customers protection from online fraud and identity theft and achieve compliance with the recent FFIEC guidelines well in advance of the deadline.
"We evaluated a number of alternatives to enhance the security of our e-banking and online bill payment platform in order to address growing concerns about online fraud and phishing attempts," said Michael Upton, general manager of Certegy e-Payments. "PassMark stood out as having the best-of-breed technology, sound vision for the evolving future needs and the experienced management team to deliver value for the long term. Our integrated approach makes it extremely easy for our customers to implement the new service and eliminate security concerns."
Certegy will begin offering the PassMark system as an add-on to the current version of its e-banking system in the first quarter of 2006. The PassMark system is unique because it offers two-factor, two-way authentication without requiring the online banking user to have any new hardware or install any new software. Here is how it works:
Two-factor Authentication. The system securely identifies the customer with strong two-factor authentication (password plus token), using the customer's computers and phones as second-factor authenticating hardware tokens.
Two-way Authentication. The system authenticates the financial institution to the customer with a PassMark -- a secret image known only to the site and that customer. When a customer sees his unique PassMark, he instantly knows that the email or Web site he is looking at came from the real site -- not an imposter.
Real-Time Transaction Monitoring. This back-end capability analyzes transactions as they occur and provides financial institutions with decision-making tools to monitor and prevent security breaches. The system also identifies emerging fraud attacks, in addition to known ones, using a state-of-the-art analysis technology called "neural networks." Combining the PassMark two-factor two-way technology with this back-end analytic technology provides long term protection from evolving threats.
"By integrating PassMark with the Certegy system, we provide their extensive community of financial institution clients a single, seamless solution for online banking and bill pay with strong online security," said Steven Klebe, vice president of PassMark Security. "In addition, this implementation will deliver Certegy's financial institution customers strong, multi-factor security that protects online customers and their sensitive data, meeting new FFIEC guidelines."