Single factor authentication is now regarded as insufficient for financial institutions employing browser based products that generate transactions or display customer data. As instances of online bank fraud increase, the FFIEC (Federal Financial Institutions Examining Council) has enacted new regulations mandating that financial institutions implement multifactor authentication by the end of 2006 to validate the identity of customers using online products and services.
Fundtech is an early adopter of secondary authentication, and has a proven track record of successful multifactor security deployments among a number of its international cash management customers. In light of the new FFIEC regulations, Fundtech is making secondary authentication easy to implement across its product lines and has partnered with VASCO because of it large installed based and its productâs superiority.
By leveraging VASCOâs Digipass solution, Fundtech can offer customers of any size a cost-effective, portable solution to certify customer identity and mitigate risk. Each Digipass strong authentication product contains a unique algorithm that generates a time-based, one-time use password that changes with every use and cannot be duplicated, remotely hacked, or spoofed. Other functionalities of Digipass include e-signatures, host authentication, challenge-response and more. All Fundtech browser-based products can connect to Digipass via a customized API, providing clients a seamless validation process.
âBy partnering with VASCO, Fundtech is providing its customers with a seamless integration to the highest quality security solutions availableâ, said Brian Jou, Fundtechâs Senior Vice President of US Products. âWe are committed to making it easy for our customers to comply with the new regulations by offering them a user-friendly security solution that delivers piece of mind for their high-risk transactions.â
âVASCO is delighted to offer Fundtechâs clients user authentication solutions that defend against todayâs threats and tomorrowâs potential hazards,â said Jan Valcke, President and COO of VASCO. âOur Digipass products will provide Fundtech customers an easy to use, proven solution to address the security chasm created by using static passwords to authenticate users, delivering an extra layer of security to protect clients from increasing forms of online transaction fraud.â