Financial institutions face the challenge of providing high-level account access security to prevent account compromise, while maintaining low operational costs and ease of use. TeleSign protects user’s accounts without additional costs of provisioning hardware, reducing help desk cost and providing a better user experience.
- The market has acknowledged that usernames and passwords are no longer enough to secure accounts. The phone has become the de facto tool as the additional layer of required security for online banking transactions.
- TeleSign’s Two Factor Authentication effectively protects accounts from compromise by employing the user’s phone as the second factor of authentication thereby providing a securing online banking experience.
- TeleSign enables companies to maintain higher security without increasing complexity or costs associated with traditional methods of authentication
Lower Cost of Operation
- Continually evolving online banking security threats require companies to adopt a layered approach to fraud prevention, resulting in a high cost of integration, ongoing administration, provisioning, and user support
- Instead of provisioning hardware or maintaining software, financial institutions are decreasing security threats by leveraging a technology that is already part of every user’s life: the telephone
Better User Experience
- No set-up or additional hardware or software
- No training required
- The FFIEC is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB), and make recommendations to promote uniformity in the supervision of financial institutions (wwww.ffiec.gov)
- The June 2011 update to the FFIEC Guidance on Internet Banking Security includes best practices based on current online threats, and requires enhanced security measures such as layered security and stronger authentication methods
- TeleSign's user authentication and transaction verification products enable FFIEC guidelines compliance, by adding a critical layer of security to online transactions