Recognizing the increasing demand for online banking fraud solutions and the looming compliance deadlines issued by federal directives, the software and services unit of Fiserv, ITT, and user authentication software provider, Vasco Data Security International, are offering banks a means of enhancing their security processes through the adoption of a one-time password token solution.
Fiserv explained that OTP tokens are connectionless devices that provide an air gap between the token and the network, eliminating the need for connection to a hosting device that may be infected.
Accoring to Fiserv, OTP tokens are portable, capable of cross-platform and cross-channel – voice response unit (VRU) automated teller machine (ATM) and network – functionality, and cannot be duplicated, remotely hacked or spoofed. The OTP tokens are to be integrated with ITI’s consumer and business internet banking products, Premierecom and Premierecorp.
Kim Killingsworth, ITI senior vice president said, Our research into the many different multifactor authentication solutions currently available determined that OTP tokens are among the most secure currently available. Reviewing all options available, we found that Vasco’s Digipass product has a combination of unique features – including web site authentication, challenge-response and digital signatures – that will provide our clients with high levels of security.
Killingsworth added that ITI’s open, service-oriented architecture also supports the efficient integration of additional multifactor authentication solutions.
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