Reduce liability for losses on commercial accounts by adhering to four requirements.
PhoneFactor Mobile App
PhoneFactor is the leading provider of phone-based multi-factor authentication. The company’s award-winning platform features three out-of-band methods (phone call, text message and push) and an OATH passcode option.
The PhoneFactor Mobile App works anywhere the user is connected to a cellular or Wi-Fi network. A notification is pushed to the registered PhoneFactor App on the user’s smartphone or tablet. The user simply taps a button in the app to authenticate.
Key features particularly critical to the banking industry include:
- Out-of-band authentication.
- Additional PIN security.
- Real-time fraud alerts.
- Transaction verification.
The app can be enabled for multiple accounts. For example, a controller may use the app to verify online banking transactions while also using it to authenticate to the bank’s VPN. The enrollment process is extremely easy. Bank customers simply download the free PhoneFactor Mobile App and activate it using a code provided by their bank. PhoneFactor also provides many user self-help tools, as well as robust IT management tools for the bank’s IT department.
Why does the PhoneFactor App warrant an Innovative Solutions Award?
1. Not only does the PhoneFactor Mobile App use a device everyone carries with them regularly, this new methodology is second nature to most people — they are used to having an “app for everything.”
2. The PhoneFactor Mobile App provides the same stringent level of out-of-band security that PhoneFactor’s phone call and text message options provide.
3. If an attacker tries to log in with stolen credentials or transfer funds from an account, the legitimate user receives a notification and can report fraud instantly from the PhoneFactor App.
4. The PhoneFactor Mobile App meets the layered security (transaction verification) and out-of-band requirements listed in the revised FFIEC Guidance (required to be in place by January 2012) without sacrificing either cost-efficiency or convenience for users or the IT department.