PassMark and MarkMonitor combine authentication and anti-fraud systems
PassMark Security Inc., the leader in strong mutual authentication for online banking and ecommerce, and MarkMonitor, a global leader in online corporate identity protection services, have partnered to help financial institutions of all sizes address their online security requirements.
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This partnership provides financial institutions with an end-to-end solution for addressing every point in the fraud lifecycle - from strong consumer authentication to the shut down of phishing and other fraudulent attacks anywhere on the World Wide Web.
Every day MarkMonitor's 24x7x365 Anti-Fraud Operations Center analyzes more than 80% of consumer inboxes and 11 million suspicious events in order to identify and block fraudulent sites at the ISP level. At the same time, PassMark is authenticating millions of online consumer banking logins daily. By combining fraud intelligence and risk-based analytic approaches, the companies will provide unsurpassed protection of online banking customers, combating the fraud problem at both the specific transaction and ISP levels.
"Financial institutions need to address security threats across the entire risk spectrum. Integrating responses across multiple fraud detection efforts is a critical concern," said George Tubin, senior analyst at TowerGroup. "Going forward, we will see the industry deploying more coordinated approaches across the enterprise to maximize the likelihood of identifying and preventing fraud attacks."
By using the combined solution, institutions can provide their customers with better protection and improved online security while better securing their own online assets. It puts multiple countermeasures in place to address threats at every point of the fraud lifecycle - from when a fraudster prepares for and sends out a phishing attack, to when a customer provides his/her credentials, to when a fraudster attempts to use those credentials to conduct online transactions.
"Vendors at the forefront need to collaborate in helping financial institutions fight the growing threat of online fraud, especially when new federal guidelines demand rapid action," said MarkMonitor's CEO Mark Shull. "Our partnership will give banks, credit unions, credit card issuers and others a single, comprehensive suite of proven solutions that protect consumers from all forms of online threats."
"Combining the power of PassMark's real-time transaction risk analytics with the high volume of fraud information coming from MarkMonitor will significantly improve the effectiveness of the online authentication process," said PassMark Founder and Chairman Bill Harris.