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PhoneFactor
PhoneFactor is a two-factor authentication system that eliminates the need for expensive devices like tokens. It works with any phone (landline or mobile) and is completely out-of-band. The user logs in with his username and password. Instantly, his phone rings; he answers and press # or a PIN to complete the login. If his phone rings and he is not attempting to log in, he can lock the account and instantly notify his bank that his password has been stolen. PhoneFactor also provides a transaction verification feature that allows the user to verify specific transaction details, such as amount and account number.
This system is simpler for banking customers to use and easier for IT departments to set up and manage than other two-factor solutions because there are no software or certificates for the end user to install and no hardware devices to provision. PhoneFactor can be rapidly deployed to large numbers of geographically diverse users.
The system’s out-of-band authentication offers stronger security than traditional two-factor solutions. PhoneFactor uses a second channel for authentication (phone service) that is not susceptible to man-in-the-middle, keystroke logging and other sophisticated attacks. Additionally, its real-time fraud alert and transaction verification capabilities offer a significant security improvement over tokens and certificates.
PhoneFactor recently launched three new enhancements:
- Voiceprint Biometric Voice Authentication.
- Out-of-Band SMS Text Authentication.
- Universal Banking Gateway.
PhoneFactor’s SMS and voice authentication give banking customers a choice when authenticating their logins or transactions. Both methods are completely out-of-band, a major distinction between PhoneFactor and other SMS authentication providers. With PhoneFactor you simply reply to the text message with the provided PIN; other SMS authentication providers require that you type a one-time password into the computer interface, eliminating the second channel and associated security.
PhoneFactor’s Universal Banking Gateway allows PhoneFactor to quickly integrate with any online banking application without having direct access to its authentication logic. While PhoneFactor has always been a speedy implementation for banks compared to other two-factor solutions that required custom integrations with hefty consulting and development fees, this gives every bank the opportunity to implement two-factor.
PhoneFactor
www.phonefactor.com