HID Global, the US-based identity product company, discusses banks’ secure online banking services that nearly half of all their customers prefer for account access.
Through its Identity Assurance portfolio and channel partnership initiatives, the company says that it’s fuelling adoption of layered authentication as part of a security strategy for protecting online and mobile transactions from anywhere, and from any device.
Christy Serrato, solutions marketing, Identity Assurance, with HID Global, said: “The explosive growth in online banking has attracted more sophisticated fraud attacks and increased regulatory oversight, as such it has become increasingly critical to move end users beyond simple, static passwords to strong, adaptive authentication that ensures accounts can only be accessed by authorised individuals, without intruding on the online convenience. We are seeing and serving accelerating demand for seamless, risk-based solutions that enable banks to tailor authentication choices for a wide variety of customers using their online and mobile services.”
ID Global offers its ActivID authentication product. In its retail banking and cards practice technology analysis, CEB TowerGroup awarded HID Global the best-in-class Customer Engagement rating, highlighting that its authentication factors, the broadest in the market, offer experience consistency across service channels and its customer self-service capability delivers intuitive management of credentials.
Jason Malo, research director, Retail Banking and Cards at CEB Towergroup, said: “By combining Customer Engagement functionality with malware detection capabilities, HID provides authentication that is both foundationally sound and forward-looking. The solution’s ability to support external authentication credentials provides flexibility for firms that have different implementations or multiple legacy systems.”
HID has also added to its banking partnership initiatives with its Identity Assurance Technology Partner Programme. Partners such as Temenos participate in the programme to use layered authentication capabilities based on HID Global’s ActivID Appliance and ActivID Threat Detection service for its internet and mobile banking solutions. According to HID, this and other partnerships play a key role in meeting customer requirements and the increasing demand for secure next generation online financial services, with CEB TowerGroup expecting online transactions to grow by a multiple of 1.5 between 2009 and 2013 and mobile transactions to grow ten-fold during the same period.
HID adds that its ActivID authentication offering promotes five critical layers for true, multi-factor authentication to enable trusted online transactions: strong user authentication; device authentication; browser malware protection; transaction-level authentication/pattern-based intelligence; and application hardening. The firm says that this multi-layered approach enables institutions to layer online fraud protection with secure access to online services and cloud-based applications. HID Global’s unified approach is delivered via an integrated authentication platform so organisations can manage credentials across a range of users and device types, while delivering protection to combat the latest fraud concerns that financial institutions are facing worldwide.
