Breaking down the barriers to immediate FFIEC compliance and strong front-door security across the online financial services world, Business Signatures Corporation today unveiled the newest product in its e-Fraud Prevention Solution, Mutual 2 Factor Authenticator (M2FA), a state-of-the art authentication solution based on Business Signatures unique technology.
H&R Block is the first user of the M2FA product across its online financial services. Priced to eliminate all the hassles associated with "per user" fees charged for other vendor products, M2FA is licensed at a flat rate of $48,000 per year.
Not only can M2FA simplify procurement and provide massive cost savings for larger institutions with millions of users, M2FA includes a superset of features necessary for front-door user authentication and compliance. Available now, capabilities of M2FA include the following:
- Full range of functions including challenge module, out-of-band notification, mutual authentication with dynamic watermarks, enrollment module, administration module, and call center module
- Fast and easy deployment with no changes required to existing Web application logic, and no hardware or software installation required for the consumer
- Comprehensive verification rules and easy integration with Business Signatures Real-Time e-Fraud Detector for true risk-based authentication
"The security of our online customers is a matter of extreme importance to us," said Marc West, CIO of H&R Block. "Business Signatures' M2FA product provides us a compelling, differentiated and cost-effective capability for front-door protection as part of an end-to-end e-Fraud Prevention Solution."
In launching its newest product, M2FA, at a flat-fee subscription price that accelerates front-door authentication deployments across the industry, Business Signatures is aiding the evolution of e-fraud prevention in financial services and other e-commerce realms. The front door of Web sites is the first line of defense, but additional protection is required to fight fraud by those who have the credentials to penetrate front-door authentication systems.
Avivah Litan, Vice President and Research Director of Gartner said, "By year-end 2006, 85 percent of U.S. banks will implement authentication of Web-based customers using a variety of methods that are stronger than passwords. These products are becoming commodity items, required not only for FFIEC compliance but for competitive parity. For meaningful advantage in discouraging fraudsters, banks will turn to sophisticated back-end anomaly detection systems with individual user profiling, which will drive thieves away to focus their attacks on banks that do not have these systems."
End-to-End e-Fraud Prevention
M2FA can seamlessly integrate with Business Signatures Real-Time e-Fraud Detector (RTFD) that enables real-time monitoring and intervention of in-session fraudulent activity based on "in-session" anomaly detection. Unlike other products, RTFD requires no complex data extraction from transactional systems, and can be deployed in a matter of weeks to implement both e-fraud detection and intervention in real time.
Both RTFD and M2FA are easy to deploy, requiring no changes to Web application logic. The integrated solution leverages the powerful Business Signatures streaming query Intent Processor engine that provides real-time analysis of "fraudulent intent" and incremental risk scoring. The Business Signatures e-Fraud Prevention Solution is the subject of several patent applications for its unique depth of analysis of front-door and in-session fraudulent patterns.
"Modern, 2 factor authentication should be within the reach of every provider of secure online services without having to predict online user growth and ROI on a per user basis," said Peter Relan, Chairman and CEO of Business Signatures. "With our unique technology and approach, we are assisting the industry in moving ahead to the next level in fighting on-line fraud: real-time, in-session, fraud authentication that actually protects against trojans, proxies, and pharming."