Reliable customer authentication is imperative for financial institutions engaging in any form of electronic banking or commerce. An effective authentication system can help financial institutions reduce fraud and promote the legal enforceability of their electronic agreements and transactions. Strong customer authentication practices also are necessary to enforce anti-money laundering measures and help financial institutions detect and reduce identity theft. The risks of doing business with unauthorized or incorrectly identified individuals in an electronic banking environment could result in financial loss and reputation damage through fraud, disclosure of confidential information, corruption of data or unenforceable agreements.
FFIEC has long back in 2001 issued guidance for Authentication in an Electronic Banking Environment.
In October 2005, the FFIEC issued additional guidelines, Authentication in an Internet Banking Environment. FFIEC guidance focuses on authenticating financial institution customers accessing institution computer systems via the Internet. However, its principles are also applicable to the authentication of institution employees and contractors attempting to access any networked institution computer system. It recommended to use two and multi factor solutions for secure transactions. GEOACL Complies with the guidance by providing viable additional factor to single factor authentication to make it two factor or multi-factor. Click here to know more.
Supplemental Guidance issued in 2011 advocates for stronger means of protection keeping in mind about ever increasing malware and botnet attacks to fish for user's credentials for financial accounts.
GEOACL's reliable location-based authentication solution and services can provide:
- Strong Two Factor Authentication for Account Logon
- Authentication and Verification of Address Changes
- Authentication and Verification of Payee additions or modifications
- Electronic Funds Transfer Confirmations
- Transaction Verification for individual or "batched" transfers and payments at SMB's.
- Retail Merchant Authorizations - only of its kind in the world that doesn't require tokens, phone for verification for retail authorizations