iovation’s AccountLock product line is said to offer immediate and long-term defense against unauthorized account access and provide multiple levels of user control, visibility and implementation stages.
Targeted at financial institutions, iovation recommends a phased approach to fighting online fraud. First, AccountLock defends online bank accounts by providing a strong two-factor authentication feature – transforming the user’s login device or PC into a powerful second security factor to guard against unauthorized account access.
iovation’s solutions further defend against unauthorized online access by allowing end-users to exercise control over which computers can access their accounts. Users simply lock a device to their online financial accounts for two-factor two-way authentication. Even if a user is phished, the stolen login ID/Password information is rendered useless unless the fraudster has access to the victim’s physical computer. Two-way authentication allows the user to confidently recognize the web site by pre-defining names for their computer.
The release of the product is quite timely given the guidance on risks and risk management controls offered by the FFIEC, all of which have been accommodated by AccountLock.
Greg Pierson, president and CEO of iovation said, Consumers are ready for financial institutions to take action against fraudsters who attempt to access account information. We created AccountLock to meet this demand.
