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Business signatures to help protect onlice bank transactions

Date: June 21, 2006
Source: home.businesswire.com


Launching an easily deployed, no web application change approach to the problem of protecting risky transactions in online financial services, Business Signatures Corporation today announced that Anomaly Detection with Real-Time Customer Notifications solution, based on its Real-Time e-Fraud Detector(TM) and e-FraudMart(TM) products, has been deemed consistent with FFIEC guidance. This solution, also available through IBM Business Consulting Services, does not require an enrollment process and an "out of wallet question/answer challenge" authentication approach, which requires fundamental change in the online consumer experience resulting in potentially huge customer service related costs.

Recent coverage in Baseline Magazine points to some of the challenges and costs associated with alternative multi-factor authentication solutions. The full article titled, "Bank of America Seeks Anti-Fraud Anodyne," can be found at http://www.baselinemag.com/print_article2/0,1217,a=178262,00.asp.

Large and mid-size financial institutions concerned with overall costs and speed of FFIEC-related initiatives should confirm with their regulators that this approach will be sufficient to pass their FFIEC compliance-related audits in early 2007. The ease of installing this kind of solution "could make it more appealing to customers than harder-to-install products from vendors, such as RSA Security Inc.," according to an American Banker article published on June 15, 2006 titled, "Security Vendors Promote Fast Installation Capability."
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