Fiserv Calls on PhoneFactor for Phone Authentication
Bank Technology News | May, 2010
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FeedbackIn a move designed to enhance security while minimizing deployment work for banks, PhoneFactor has partnered with Fiserv to offer multi-factor phone authentication for institutional clients in addition to user name and password protection through Corillian online banking.
The new phone-based authentication option will be integrated into Intelligent Authentication from Fiserv, a multi-factor user authentication tool that is available to financial institutions that use Corillian Online. Intelligent Authentication allows financial institutions to offer both passive and active user authentication options in addition to a traditional user name and password, reducing the risk of fraud and identity theft in the online channel. PhoneFactor works by placing an automated call to the online banking user during log in. The user answers the call and presses “#” or enters a PIN on the phone keypad to complete the log in. The product is designed to protect against man in the middle attacks from malware like Clampi and ZueS.
The firms hope to ease the deployment burden of phone authentication. Tim Sutton, CEO of PhoneFactor, says that under the partnership, institutions that use Corillian Online from Fiserv will be able to access PhoneFactor’s phone authentication technology without having to integrate the authentication protections with the bank’s core platform.
“It eliminates a lot of time and trouble for the bank that’s involved with integration,” Sutton says. “And it’s a win for us because we’ll be able to serve a much broader market.”
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