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Posted April 12, 2011
Webinar Attendees Will Learn about Smart Device Identification Technologies Banks Will Need to Adopt to Comply with new FFIEC Guidance
LOS ALTOS, CA – April 13, 2011 – ThreatMetrix™, the fastest growing provider of cloud-based fraud prevention solutions that do not require personally identifiable information (PII), today announced that they are co-sponsoring a webinar with BankInfoSecurity, “Is Your Device Identification Ready for New FFIEC Guidance?” The webinar will be held at 1 p.m. ET, Wednesday, April 27.
Webinar attendees will learn about smart device identification technologies banks will need to adopt to comply with new Federal Financial Institutions Examination Council (FFIEC) guidance. This includes: What smart identification entails; the key limitations of simple identification methods; why upgrades to current customer device identification are critical; and how to initiate transaction authentication and monitoring.
Since the FFIEC issued guidance in 2005 on “Authentication in an Internet Banking Environment,” cybercriminals have evolved significantly – leading the FFIEC to draft new guidance for protecting businesses and their customers from fraud. Today’s banking institutions are challenged by widespread identity and password theft, botnets, trojans, coupled with new risks introduced by smartphones and the demise of cookies as an authentication method.
“Customer device identification remains the most cost effective first perimeter of defense for customer authentication,” said Bert Rankin, vice president of marketing, ThreatMetrix. “With new FFIEC guidelines, banks will need to adopt cookieless device identification technologies as part of a multi-factor strategy to protect new account verification, login authentication and transaction authorization. In combination, these solutions will safeguard customer privacy, trust and convenience.”
WHEN: 1 p.m. ET, April 27, 2011
WHERE: Register online at: http://www.bankinfosecurity.com/webinarsDetails.php?webinarID=217&rf=TM_BIS0311
WHY: The FFIEC’s 2005 guidance on “Authentication in an Internet Banking Environment” ushered in a first generation of device identification technologies. Since that time, cybercriminals have evolved to such a degree that they can decommission nuclear power reactors, take down governments and steal billions in online consumer transactions. Yet many online bank accounts are still protected by first generation technologies consisting of little more than a password, a cookie and a simple hash of browser and IP address attributes.
WHO: Presenting on behalf of ThreatMetrix will be Alisdair Faulkner, chief product officer, ThreatMetrix. Mr. Faulkner is a noted industry expert in issues relating to online fraud, device identification, cybercrime, identity theft, information security and networking technology. He is a frequent industry speaker appearing before such industry forums as the Merchant Risk Council, Anti-Phishing Working Group, CyberSource Payment Summit and Experian Vision Conference. He has appeared on BBC online news commenting on cybercrime and is a past winner of the DEMOgod award for technology innovation and is a contributing author of the ThreatMetrix blog, “Frauds & Ends.”
All attendees will receive a complimentary copy of ThreatMetrix’s new white paper, “Is Your Device Identification Ready for the FFIEC: Smart Device Identification for Online Banking.”
BankInfoSecurity.com is an educational website published by Information Security Media Group, Corp. (ISMG), a media company specializing entirely on information security, risk management and fraud. Headquartered in Princeton, New Jersey, the company provides news, training, education and other related content to assist executives and information security professionals as they navigate the increasingly challenging world of information security.
BankInfoSecurity.com provides credible, timely information that senior executives can put to use as they craft comprehensive information security strategies. These strategies are more critical than ever in light of ever changing compliance mandates and increases in breaches and fraudulent activities. For more information, visit www.bankinfosecurity.com.
ThreatMetrix®, The Digital Identity Company®, is the market-leading cloud solution for authenticating digital personas and transactions on the Internet. Verifying more than 20 billion annual transactions supporting 30,000 websites and 4,000 customers globally through the ThreatMetrix Digital Identity Network®, ThreatMetrix secures businesses and end users against account takeover, payment fraud and fraudulent account registrations resulting from malware and data breaches. Key benefits include an improved customer experience, reduced friction, revenue gain and lower fraud and operational costs. The ThreatMetrix solution is deployed across a variety of industries, including financial services, e-commerce, payments and lending, media, government and insurance.