LOUISVILLE, Ky. November
29, 2011 Electronic Verification Systems (EVS), a leader in fraud prevention and identity verification solutions, announced today they are shifting
focus to provide solutions for the new Federal Financial Institutions Examination
Councils (FFIEC) supplemental guidance to Authentication in an Internet Banking
Environment. Through the
IdentiFlo Management Platform, EVS will provide upfront identity verification
to ensure the required out-of-band authentication is with the correct
individual or business.
Management Platform provides an out-of-box web platform, with a zero
integration option, that addresses financial institutions needs for increased
security for the revised FFIEC guidelines. It is a simple solution that we can
have set up and ready for your company to use within a day, said Jeff Davis,
President of Electronic Verification Systems.
The guidance, which
was put into effect in 2005, required financial institutions with
Internet-based products and services to provide identity authentication for their customers. Due to the increase in
cybercrime, the FFIEC has deemed there is a need for more fraud prevention
tools to be in place.
commercial banking institutions will be required, starting in January 2012, to
facilitate multifactor authentication to their customers. This includes, but is
not limited to, out-of-band authentication and out-of-wallet knowledge-based
The challenge with
out-of-band authentication is if a business is interacting with a thief from
the beginning, it is likely that your business will not know and will then give
full access to the criminal, said Eric Knapp, Vice President of Client
Services at Electronic Verifications. However, when you layer identity
verification solutions, like out-of-wallet KBA questions, prior to out-of-band
authentication, you can guarantee you are communicating with the appropriate
According to the
FFIEC, a one dimensional customer authentication program is simply not robust
enough to provide the level of security that customers expect and that protects
institutions from financial and reputation risk.
Management Platform enables the company to conduct a one-time online identity
verification through a secure, online portal. With access to fraud prevention solutions like the IdentiFraud Consumer and IdentiFraud+, the portal is customized
with the companys branding for a seamless transition to increasing online security.
Verification Systems is a leading provider of fraud prevention solutions designed
to help businesses combat identity theft, control costs, satisfy governmental
regulation, and support audit and control requirements. With major clients in
the financial services, retail product, brokerage, education, insurance, and
corporate security industries, Electronic Verification Systems provides
powerful and innovative solutions to businesses and organizations across the