The technology vendor says by using Security Matrix, online banking consumers receive an additional, true two-factor level of protection when accessing their sensitive account data.
Mike Nicastro, SVP of Open Solutions, said, We saw the need to move to a two-factor model to help better secure the online banking process as well as help our client financial institutions satisfy their needs for additional security to combat identity theft, phishing and online fraud.
He added, This add-on customer protection measure helps financial institutions comply with recent FFIEC guidelines regarding online banking services risk assessment and associated improvements in customer sign-on authentication.
Having recently completed its beta test, Provident Savings Bank, a wholly owned subsidiary of Provident Financial Holdings, is expected to begin rolling out the security solution to its customers this Spring.
