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Business Signatures introduces Web banking security products

07 June 2006  |  1862 views  |  0 Source: Business Signatures

Business Signatures Corporation today announced two turnkey solutions capable of being deployed in twelve weeks or less to meet the fast-approaching December deadline set by the FFIEC (Federal Financial Institutions Examination Council).

Based on its industry leading Real-Time e-Fraud Detector (RTFD) product selected this year by leading U.S. financial institutions, the two new Business Signatures solutions are:

Business Signatures Real-Time Fraud Monitoring with Customer Notifications
Business Signatures Passive Device Authentication with Software OTP

In contrast to the alternative: a complicated mix of token engines, API integration-based fraud detection engines, and two factor authentication engines, Business Signatures offers a single anomaly detection platform enabling banks to quickly and efficiently deploy a "no API integration" product. The anomaly detection engine, RTFD, is capable of authenticating customers' devices passively or notifying customers in real-time if suspicious activity is noticed. In either case, the end customer experience is minimally impacted and deployment in online banking environments is straightforward and fast.

"Indications from regulators are that the deadline of December 2006 is not a flexible one," said Peter Relan, Chairman and CEO of Business Signatures. "However, there is some flexibility in the specific approach used to protect risky transactions in online services. Our two news solutions are powerful, easy to deploy, and minimize impact on customer experience. We believe our solutions provide timely alternatives to our competitors’ more complex technologies — given the few months left in the procurement and implementation cycle."

Business Signatures Real-Time Fraud Monitoring with Customer Notifications solution is based on the company's "no API integration" RTFD product, enhanced with real-time customer notifications using an approach proven in the credit card industry. Features include:

  • Simple GUI-based, customizable, e-Fraud Rule Library for configuring the detection of suspicious behavior or access to a customer account
  • Multiple choices for customer notifications, including email, SMS, or automated outbound calling to inform a customer when suspicious activity or access is noticed
  • Only Customer Service Application in the industry for helping customers if they get a notification and call-in to enquire about the suspicious activity noticed

Business Signatures Passive Device Authentication with Software OTP solution is also based on the company’s Real-Time e-Fraud Detector product enhanced with detailed device fingerprint profiling, so customers’ access devices can be profiled and used for transparently authenticating a customer, without interrupting their user experience. Features include:

  • Sophisticated and comprehensive profiling of the computer or device accessing the online account
  • Additional geo-location based profiling
  • One Time Passwords (OTPs) sent via email or SMS for challenging a user who fails passive device authentication

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