Metavante Corporation today announced that it's providing a risk-based multifactor authentication solution to its financial institution clients and internal users.
This continues Metavante's focus in providing clients with a broad array of security solutions to address Internet fraud, stronger authentication and the Federal Financial Institutions Examination Council's (FFIEC) guidelines requiring financial institutions to authenticate the identity of customers accessing Internet-based financial services. Metavante is the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI).
Through a strategic partnership with TriCipher, Inc., a leading provider of future proof risk based authentication solutions, Metavante will complement its comprehensive security offerings with the TriCipher Armored Credential System (TACS). With TACS' multifactor authentication, Metavante banking clients will be able to deploy and manage the multiple types of credentials used to verify a customer's identity from a single infrastructure. The solution is well equipped for financial institutions that offer a wide range of products and services to a broad customer base because it allows the authentication strength to be assigned based upon the user and nature of the transaction.
"Metavante has proven it has a deep understanding of all the issues surrounding online fraud by designing a security infrastructure that marries compliance with long-term security," said Sandra Bergeron, chairman, TriCipher, Inc. "By drastically reducing the cost, complexity and management associated with very large-scale authentication deployments, TriCipher has been able to support the business goals of industry leaders, such as Metavante, as they step up to the plate to protect the online channel against all forms of identity theft and online fraud."
In 2005, Metavante began work on a Strong Authentication Service for its electronic banking clients to help them mitigate risks, meet FFIEC guidelines, and provide a cost-effective solution against online fraud. Last year, Metavante offered its clients Internet Fraud Solutions, a complete email fraud and phishing solution that enables financial institutions to proactively prepare, respond and control potential fraudulent activity. During 2004, Metavante offered a pre-packaged service to help educate clients' end-customers on the topics of email fraud, phishing and pharming.
"Authentication is an important component to consider when evaluating the protection needed to fight fraudulent attacks on the Web. This was always Metavante's mindset and the reason we provide it as one of multiple layers of control to prevent and safeguard clients' customer information," said Brian Hurdis, senior executive vice president and chief information and privacy officer, Metavante Corporation. "We looked at numerous solutions and only the TriCipher Authentication Ladder enabled us to deploy and centrally manage many authentication strengths matched to different user risk profiles, and adjust authentication strength over time as needed. This mix of security and flexibility is an example of our commitment to protect our clients against online fraud in a very cost-effective method."