DIGITAL RESOLVE'S FRAUD ANALYST MEETS (AND EXCEEDS) FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL'S COMPLIANCE GUIDELINES FOR ONLINE AUTHENTICATION
Atlanta – (October 17, 2005) – The Federal Financial Institutions Examination Council (FFIEC) has just issued online authentication guidance for banks offering Internet-based financial services. Digital Resolve, a business unit of Digital Envoy and the leading provider of transparent, multi-layered risk-based authentication solutions, is proud to announce its Fraud Analyst product already provides viable, consumer-friendly, methods to comply with this guidance on a number of different levels.
Founded on “IP Intelligence” technology, Fraud Analyst’s multi-layered approach to online fraud and identity theft prevention provides protection for the online channel above and beyond other approaches in the market today and is an excellent way for banks to comply with the recent authentication guidelines, titled “Authentication in an Internet Banking Environment,” issued by the FFIEC, and available here at http://www.fdic.gov/news/news/financial/2005/fil10305.html.
“We appreciate the Council’s and the Federal Deposit Insurance Corporation’s efforts in providing an authentication compliance platform from which banks can easily evaluate strategies and tools to enhance the security of their Internet-based products and services”, said Bill Calpin, president and chief executive officer of Digital Envoy. “We do believe, however, banks need to ensure the authentication process is a seamless and painless experience for the banking customer, recognizing the potential for consumers to have multiple financial relationships that will be impacted– a key recommendation not addressed in the FFIEC Guidance.”
Banks have always built trust by presenting a sense of safety and security in subtle ways. For example, banks do not locate their vaults in the middle of their lobbies and they discreetly position security guards in non-threatening ways for customers. Calpin says, “The online experience should mirror that subtle approach: a non-invasive, privacy-sensitive, behind-the-scenes approach that provides maximum safety with minimal change to how users interact online.”
Banks also need to consider their customers’ reactions to being contacted by several of their banking institutions, perhaps offering the same or similar solutions. “Does this really make them feel more secure or does it scare the heck out of them with such visible approaches that involve them in deployment?”, asks Calpin.
Digital Resolve’s solutions offer exactly what Calpin advocates. “Obviously, our solutions reflect the approach we advocate because we carefully considered both the bank AND consumer impact in our design. That approach has worked for our banking customers in making the online channel an attractive choice for consumers."
About Digital Resolve
Digital Resolve is built on a legacy of developing innovative approaches to online authentication. It was the first company to introduce a privacy-sensitive online fraud prevention solution designed specifically for financial institutions and was the first to market with a real-time tool to protect against phishing. Most recently‚ the company pioneered a transparent approach to multi-factor authentication. Through its Fraud Analyst and E-Scam products‚ Digital Resolve provides financial institutions‚ Internet Service Providers and other online entities with seamless and non-invasive methods to protect the online channel and to build consumer confidence in utilizing Internet communications and transactions. For more information‚ please visit www.digital-resolve.net.
Digital Resolve is a business unit of Digital Envoy.
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