Passfaces Corporation, a provider of cognometric authentication solutions, has launched Passfaces Financial v3.0, an online banking authentication solution that claims to guard against online fraud and ID theft.
The security technology vendor says Passfaces Financial bundles software, support services and consumer promotion into a complete package that gives banks, credit unions and other financial service providers, strong authentication for consumer access to online financial services. It is also said to support the business risk management objectives specified by the FFIEC.
According to Passfaces, the solution includes a function that randomizes the configuration of the face challenge grids for every user. Attackers attempting to harvest multiple users’ configuration data from a financial institution’s web site will be detected and can be ‘blacklisted’ pending further action.
The company explained that Passfaces works with existing security systems to supplement or replace the use of passwords for system access, using a set of faces as a secret authentication code. Because Passfaces validates the actual user it claims to provide a highly reliable strong authentication solution for all online transactions.
Paul Barrett, CEO of Passfaces, said, Passfaces is the only product available today that offers customers both enhanced security and usability when banking online. Furthermore, because it requires no user hardware or software installation and leverages the existing password authentication infrastructure, it can be rolled out to a large customer base extremely rapidly and cost-effectively. We understand the dynamics of meeting regulatory requirements and addressing ongoing security issues, as well as being sensitive to customer demands for convenience and reliability.