Banks, brokerages, credit card companies, payment processors, and other financial services companies are major targets for cybercriminals engaged in online fraud, security breaches, theft, and other cybercrime activities. The Yankee Group expects the value of global mobile transactions to exceed $1 trillion dollars by 2015. The explosive growth in mobility and e-commerce has produced significant growth in card-not-present (CNP) transactions that will skyrocket to overcome card present transactions in the coming years. The global progression toward wide-spread adoption of mobile payments – from m-commerce, to person to person (P2P) transactions, to point of sale transactions – is underway, leveraging enabling technologies and solutions such as device-based mobile wallets.
As consumers and commercial institutions inevitably embrace these new banking and payment channels, the need for additional layers of security and fraud prevention, risk management, and regulatory compliance will only accelerate. In particular, the need for multi-factor (strong) authentication in accessing account information and tracking and monitoring access to network resources and sensitive data underlies industry guidelines and regulations (e.g., FFIEC supplement to Authentication in an Internet Banking Environment; PCI DSS for payment card industry).
However, in implementing user authentication, the question is whether both strong security and excellent user experience can be achieved. As with security breaches and fraud, user-intensive authentication solutions or excessive security policies can also result in lower customer satisfaction and higher customer churn. To achieve strong authentication, promote customer trust and loyalty, and satisfy regulatory requirements, financial services companies need to assess:
- The diverse device support requirements that customers need for online and mobile account access
- The strength and ease of use necessary to protect accounts and information while delivering an exceptional customer experience
- The cost of deployment and ownership when delivering strong authentication to large online customer populations
- The ability to integrate into existing systems, infrastructure and monitoring tools
With NetAuthority’s Device Authentication Engine and Device Authentication Service, businesses across the financial services ecosystem can now implement a purpose-built strong authentication solution for customers’ secure access to online and mobile banking and payments:
- Support for a full range of mobile, tablet, PCs, laptops, workstations and server devices
- Quick & simple device registration processes
- Irrefutable identification of the device via its Dynamic Device Key and then links the user with the identified device, for strong authentication security
- Sub-second device authentication adds no noticeable latency to login process; ongoing authentication is fully transparent to user, with no impact on user experience
- Notifications and alerts for immediate visibility to impersonator attacks and more.
- Secure Service API to interface with existing user management, monitoring, and log management systems, leveraging prior investment
NetAuthority provides the unprecedented control and visibility, user transparency, and massive scale for strong authentication required in the financial services world.
To learn more about NetAuthority’s Device Authentication Engine and Device Authentication Service, please contact us at firstname.lastname@example.org.