The challenge with out-of-band authentication is if a business is interacting with a thief from the beginning, it is likely that your business will not know and will then give full access to the criminal
LOUISVILLE, Ky. (PRWEB) November 29, 2011
Electronic Verification Systems (EVS), a leader in fraud prevention and identity verification solutions, announced today they are shifting focus to provide solutions for the new Federal Financial Institutions Examination Council’s (FFIEC) supplemental guidance to Authentication in an Internet Banking Environment. Through the IdentiFlo Management Platform, EVS will provide upfront identity verification to ensure the required out-of-band authentication is with the correct individual or business.
“The IdentiFlo Management Platform provides an out-of-box web platform, with a zero integration option, that addresses financial institutions’ needs for increased security for the revised FFIEC guidelines. It is a simple solution that we can have set up and ready for your company to use within a day,” said Jeff Davis, President of Electronic Verification Systems.
The guidance, which was put into effect in 2005, required financial institutions with Internet-based products and services to provide identity authentication for their customers. Due to the increase in cybercrime, the FFIEC has deemed there is a need for more fraud prevention tools to be in place.
Businesses and commercial banking institutions will be required, starting in January 2012, to facilitate multifactor authentication to their customers. This includes, but is not limited to, out-of-band authentication and out-of-wallet knowledge-based authentication questions.
“The challenge with out-of-band authentication is if a business is interacting with a thief from the beginning, it is likely that your business will not know and will then give full access to the criminal,” said Eric Knapp, Vice President of Client Services at Electronic Verifications. “However, when you layer identity verification solutions, like out-of-wallet KBA questions, prior to out-of-band authentication, you can guarantee you are communicating with the appropriate person.”
According to the FFIEC, “a one dimensional customer authentication program is simply not robust enough to provide the level of security that customers expect and that protects institutions from financial and reputation risk.”
The IdentiFlo Management Platform enables the company to conduct a one-time online identity verification through a secure, online portal. With access to fraud prevention solutions like the IdentiFraud Consumer and IdentiFraud+, the portal is customized with the company’s branding for a seamless transition to increasing online security.
About Electronic Verification Systems
Electronic Verification Systems is a leading provider of fraud prevention solutions designed to help businesses combat identity theft, control costs, satisfy governmental regulation, and support audit and control requirements. With major clients in the financial services, retail product, brokerage, education, insurance, and corporate security industries, Electronic Verification Systems provides powerful and innovative solutions to businesses and organizations across the world.