PORTLAND, Ore.--(BUSINESS WIRE)--iovation, the Device Reputation Authority™ protecting online businesses from fraud and abuse, today announced its new white paper dedicated to helping financial institutions not only meet the FFIEC guidelines but also protect against future security threats.
In June of 2011, the Federal Financial Institutions Examination Council (FFIEC) issued a supplement to the Authentication in an Internet Banking Environment guidance (originally released October 2005). The original guidance provided a risk management framework for financial institutions offering Internet-based products and services to their customers. The supplement reinforces the framework and updates supervisory expectations for customer authentication, layered security, and other controls in an increasingly hostile environment.
With cyber criminals becoming more innovative every day, it's no longer sufficient to protect against yesterday's threats. Since virtually every authentication technique can be compromised, financial institutions should not rely solely on any single control for authorizing transactions, but instead utilize a system of layered security. iovation’s new risk mitigation white paper shows how financial institutions can easily meet the FFIEC guidance by January 2012 and exceed them to be better prepared to battle future cyber threats.
Read iovation’s FFIEC white paper to:
- Learn the differences between simple device ID, complex device ID and device reputation
- Understand how to leverage complex device identification and device reputation together to exceed the FFIEC guidelines before January 2012
- See how one bank effectively leverages iovation device reputation at login/authentication to reduce friction
- Learn how to automatically and confidently map account-to-device relationships to identify fraudsters, by subscribing to iovation’s living database of 700 million unique devices
- Gain help in exposing the true IP of a device regardless if it is hiding behind a proxy
- See how banks can configure and weight business rules to trigger alerts relating to fraud histories, geolocation, velocity, anomalies, risk profiles and even the amount (or age) of experience the bank has with a device or a device-and-account pair
Whether customers are accessing the bank’s website through a PC or any type of mobile device connected to the Internet via a wireless network, iovation quickly identifies the device and generates critical device reputation intelligence. This allows financial institutions to instantly determine the risk of a transaction and provides an extra layer of protection without adding friction or disrupting the customer’s experience.
Many of iovation’s financial services clients have been exceeding the FFIEC guidelines with iovation ReputationManager 360 for some time now. Not only does iovation offer the most advanced device identification service on the market, it builds the associations between devices and accounts for its clients at transaction time. By exposing rings of collusion, financial institutions can efficiently shut down thousands of fraudulent accounts at once. See how one Fortune 100 credit issuer identified 43,000 fraudulent credit applications and saved over $8 million over two years with iovation ReputationManager 360.
About iovation
iovation, protects online businesses and their end users against fraud and abuse through our industry-leading combination of shared device reputation and real-time risk evaluation. 2,000 fraud managers around the globe leverage iovation’s database of Internet devices and relationships between them to determine the level of risk associated with any type of online transaction. Retail, financial services, social network, gaming and other companies make real-time queries to iovation’s knowledge base of 700 million devices from every country in the world. Every day, iovation protects more than 8 million transactions and stops over 150,000 fraud attempts. For more information, visit www.iovation.com.
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