GLASTONBURY, Ct. - (03/10/06) -- Open Solutions Inc. announced therelease of its Security Matrix Two-Factor Authentication feature,which will be offered to client financial institutions as anoptional security add-on to the Internet Banking application. WithSecurity Matrix, each consumer is issued a wallet-sized card, whichcontains unique random numbers arranged in a row-and-column format(i.e. a matrix). The online user first enters his or her user nameand password in the established manner. The consumer will then beprompted to input a second authentication factor - the digitscontained in 3 randomly chosen cells in the matrix. The consumerwill enter the data contained in the cell element that correspondsto the prompted coordinates. Once the system verifies that thedigits entered are correct, the user is admitted to the onlinebanking portal. This results in more than 59,000 possiblecombinations to complete a valid authentication. This type ofauthentication requires limited customer training and, if the cardis lost, replacement is easy and inexpensive.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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