Protecting our members goes beyond just simply meeting the FFIEC guidelines
PORTLAND, Ore. (PRWEB) April 24, 2007
iovation pioneered the use of reputation technology for online fraud management and multi-factor authentication in the financial services and e-commerce industries. iovation Reputation Services, a Software as a Service (SaaS) family of solutions, links user accounts with devices and utilizes the reputation of those devices to guard against online fraud. AccountLock(TM) will enable WestStar members to designate which devices are authorized to access specific online accounts. AccountLock is part of iovation's enterprise application for financial institutions requiring strong, online authentication to meet FFIEC guidelines.
"Protecting our members goes beyond just simply meeting the FFIEC guidelines," said Steve Cook, assistant vice president at IT at WestStar Credit Union. "We evaluated authentication solutions from several vendors and only iovation was able to provide a proven solution that addresses the whole range of fraud issues that concern us and our members."
A PC's reputation that is built and maintained based on the experience of one online business can help prevent the same PC from repeating fraudulent attacks. By sharing the reputation and evidence an online business has collected on a particular PC with other participating online businesses, fraud or abuse eminating from that PC can be proactively prevented.
WestStar's implementation will extend into a fraud management program that will include sharing of device reputations across the subscriber network. "We were impressed by the millions of device reputations that are in iovation's database. The opportunity to tap into that database during the authentication process allows us to use it as the 'reputation bureau' for devices and act accordingly," Cook said.
iovation leverages its historical repository, containing PC reputations and suspicious associations, to enable its customers to screen transactions using fact-based fraud evidence against any PC placing a transaction. The system can identify all suspicious linkages between the PC and other accounts across its global repository. As a result, both new and existing account fraud can be stopped proactively.
iovation is the device reputation authority for secure online business. The company provides proven anti-fraud and strong authentication solutions that allow businesses to protect customers, reduce fraud and meet compliance requirements online. The solution links physical devices (PCs) and online accounts and can facilitate the sharing of device reputations among subscribers. In production environments for more than four years, iovation currently manages the reputation of millions of devices, and protects more than 250 million transactions for customers every year.
About WestStar Credit Union
Unlike profit-orientated institutions that seek to maximize investment returns for their stockholders, WestStar Credit Union's primary objective is to provide fair, convenient, low cost, quality service to members. The members are WestStar's owners. With a minimum $25 balance in a primary share account, members actually own one share of WestStar Credit Union. All earnings of the Credit Union are returned in the form of dividends, lower loan rates, convenient products and services and increased safety and soundness. WestStar's members include any employee of any company licensed for Gaming by the State of Nevada and employees of various select employer groups (SEGs) from the original Charter. For more information, please visit http://www.weststar.org.
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