Fiserv Cos. To Use Passmark Security

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Fiserv, Inc. has chosen PassMark Security to provide multifactor authentication technology to its banking and credit union clients.

Financial institutions are under obligation to comply with Federal Financial Institutions Examination Council requirements to evaluate and strengthen their customer authentication procedures during online banking transactions by the end of 2006. Considered a more secure approach than simple passwords, multifactor authentication uses multiple characteristics to determine a consumer's identity, typically by obtaining and verifying more than one of the following: something the consumer knows (such as a password), plus something the consumer has (a personal computer) or something the consumer is (his or her voice).

"With the likelihood of potential fraud continually increasing, Fiserv is committed to helping our financial industry clients improve the security of their Internet services," said Fiserv COO Norm Balthasar.

PassMark reports that its multifactor technology supports more than 15 million end-users.

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