Deploying a new means of fighting "phishing" scams and other online fraud, Stanford FCU (SFCU) has become the first financial institution to implement the Two-Factor Two-Way Authentication system from PassMark Security.
Stanford FCU is deploying the solution this way. Each member gets a secret PassMark-a small image and a phrase-which SFCU displays to the member during log in. Because the PassMark is known only to that member and to SFCU, when the member sees his PassMark, the member can confirm it's the Stanford FCU site and it's safe to enter his password.
Passmark said that financial institutions can also use PassMarks to authenticate outgoing e-mail, by inserting a copy of the recipient's PassMark into the e-mail message. In addition, the PassMark system provides secure two-factor authentication and anti-fraud filtering by identifying the computers used to access the site.
"We chose PassMark because it is simple. Online members have always had to prove their identities to us," said SFCU President John Davis. "But with the explosion of 'phishing'attacks, online service providers should have to prove their identities to the consumer"
For info: www.sfcu.org or www.passmarksecurity.com.
