A recent study by the Javelin Strategy & Research revealed that 67 percent of US consumers do not bank online because they fear identity theft. Fifty-three percent of those surveyed would like to see their bank’s use identity protection software, and 33 percent would like to see their bank use biometrics. The study concluded that banks could add $8.3 billion per year through customer loyalty by making identity protection software available to their customers.
What is Muti-Factor authentication in an online banking environment?
Multi-Factor authentication (a form of security based on “what you know” and “who you are”) combines two or more different security methods for authenticating a user’s identity. The security method combines “what you know,” password’s, PIN’s, DOB, SSN, mother’s maiden name, and “who you are,” biometrics technology such as voice authentication, fingerprint and iris.
How does voice authentication work in an online banking transaction?
The customer will first need to enroll in their bank’s online banking. After, the customer will need their account number, credit or debit card number issued by the bank, the card’s PIN number, Social Security Number, phone, and internet service to create a voice print.
There are a number of voice biometrics technologies and methods to perform voice authentication for online banking. One common method requires a phone, computer and internet access, the other only requires a computer and internet access.
The first method the customer will need to enroll into the bank’s online banking service. At the end of the enrollment the customer would enter their immediate phone number on the bank’s website to initiate an out-of-band phone call from the bank to the customer and begin the voice authentication enrollment process. The customer will be asked to enroll into the voice authentication system by asking them to repeat a number or phrase to create a voice print. To access the account online the customer will need to enter their account number and immediate phone number on the bank’s website. The bank will launch an out-of-band call to the customer, and the customer will verify their account by repeating a number or phrase. The customer will gain access to the account online, after their voice has been authenticated.
The second method the user would download a small piece of software onto their computer from the bank’s website, after successful completion of their online enrollment. The customer will enroll into the voice authentication software and create a voice print "at" their computer. To access the account online, the customer will need to enter their account number on the bank’s website and click a voice authentication button. The customer will get a pop-up message to authenticate their voice and will verify their account by repeating a number or phrase. The customer will gain access to the account online, after their voice has been authenticated.
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Security News
NEWS THAT AFFECTS PRODUCT & BRAND SECURITY
The Latest in Counterfeit Goods
DECEMBER 4, 2011
Wall Street Journal - Business
Edited By CRISTINA LOUROSA-RICARDOShoppers in the market for a designer handbag know to be wary of the too-cheap-to-be-real "fauxch"—that is, faux Coach bags—just as those looking to cut their prescription bills can assume that the emails in their spam box for discount Viagra are, at best, sugar pills. But even scam-savvy consumers may unwittingly buy some of the newest counterfeits popping up in unexpected categories.
Here are some household items that government and industry groups say shoppers may unwittingly buy fake versions of.
Perfume: At best it is perfume, but one that smells nothing like what that designer scent is supposed to and which may have been watered down. But fakes more often contain chemicals like antifreeze, cleaning solutions or even human urine, any of which may cause a rash or other skin problems.
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Shampoo: It's not just pricey salon brands that are at risk for counterfeiting. Labels found at the drugstore have caught fakers' attention, too, says Alina Halloran, vice president of online brand protection for OpSec Security, an anti-counterfeiting consulting firm. Some are little more than water, fragrance and a thickening agent, but anything that produces suds—notably, cheap cleaning solutions—can be substituted for the shampoo.
Batteries:At the very least, knockoffs won't work as effectively as recognized brands since counterfeiters aren't concerned about the quality of the materials inside, says Richard Halverson, unit chief for outreach and training at the National Intellectual Property Rights Coordination Center, a division of the Department of Homeland Security. But fake batteries may also be dangerous. If sealed improperly, batteries can leak corrosive acid. They also may be crafted in a way that doesn't allow built-up heat to vent. "Eventually it has to release, and there's an explosion," he says.
Extension cords: Counterfeits claiming to be reputable brands may not be sealed properly or use the same high-grade electrical wire. Either way, it's a fire hazard. "If electrical cords get hot, they can burn, they can pop your circuit breakers," Mr. LaRocca says. This time of year, shoppers may also encounter phony holiday lights.
—Kelli B. Grant, SmartMoney.com
The $8.3 Billion Case for Multi-Factor Authentication
Article d
The 10 Most Counterfeited Products Sold in America
1. Footwear
2. Consumer Electronics
3. Handbags/Wallets/Backpacks
4. Apparel
5. Watches/Parts
6. Computers/Hardware
7. Media (CDs and DVDs)
8. Pharmaceuticals
9. Jewelry
10. Toys/Electronic GamesBy DOUGLAS MCINTYRE Posted 6:30 AM 03/14/11
American consumers love bargains. But that zest for getting a coveted product at the lowest price also has an economic downside: It creates a giant opportunity for the scads of shady operators -- especially from China -- that specialize in pumping out counterfeit versions of the real thing.
U.S. companies lose at least hundreds of millions of dollars a year in sales from products that are counterfeited overseas and shipped to America. The problem's exact scope isn't entirely known because most of these products are never seized and, therefore, the federal government can't get an accurate measurement of the economic loss.
To get a better handle on just how extensive counterfeiting has become, 24/7 Wall St. reviewed data from the U.S. Homeland Security Department's Customs and Border Protection unit, the federal agency charged with enforcing intellectual property rights (IPR) within America's borders.
The CBP does so by seizing products that infringe the originals' copyrights and patents. According to the agency, "The theft of intellectual property and trade in fake goods threatens America's economic vitality and national security, and the American people's health and safety. Trade in these illicit goods funds criminal activities and organized crime. In Fiscal Year 2009, there were 14,841 intellectual property rights seizures with a domestic value of $260.7 million. Goods from China accounted for 79% of the total domestic value for all IPR seizures."The first notable aspect of the data is the astonishing level at which China takes advantage of the U.S. markets. Some estimates by economists say 8% of China's GDP comes from the sales of counterfeit goods, from software to designer clothing.
In addition to the CBP data, 24/7 Wall St. reviewed information from the Alliance for Gray Market and Counterfeit Abatement, the International Authentication Association, the U.S. Food and Drug Administration, and PC World magazine.
The one thing that becomes clear from these investigations is that while counterfeiting improves China's GDP, it undermines economic growth in the U.S. The federal government can do only so much to combat the problem with current resources. Unfortunately, that means the erosion of sales in some industries due to counterfeit goods coming into the U.S. will continue.
Here are the 10 product categories, in descending order, that lose the most money to counterfeit goods.
1. Footwear
Value: $99.8 million
Percent of Total Seizures: 38%
Just under $100 million worth of counterfeit footwear was seized entering the U.S. in 2009, by far the greatest amount of any product. By value, 98% of counterfeit footwear originated in China. This was the fourth year in a row that footwear was the top commodity seized.
2. Consumer Electronics
$31.8 million 12%
Consumer electronics, such as cell phones, digital music players and cameras, made up 12% of all seizures worth nearly $32 million. China produces most of these electronics, with approximately $18.5 million worth of seizures originating from there. Consumer electronics are also the most popular illegitimate product coming out of Hong Kong, second only to China. They make up 40% of all counterfeit goods that are intercepted from Hong Kong.
3. Handbags/Wallets/Backpacks
$21.5 million 8%
Anyone who has walked down a major New York City street has had the opportunity (or several) to buy a fake designer handbag. The CBP seized $21.5 million worth of counterfeit handbags, wallets and backpacks coming into the country. This accounts for 8% of all seized commodities that violated IPR. China exported $19.5 million of these goods.
4. Apparel
$21.5 8%
There was only slightly less apparel seized than handbags, wallets and backpacks. The amount exported from China is also similar, worth $17.9 million. Counterfeit apparel is most often made to resemble designer fashion brands such as Polo Ralph Lauren.
5. Watches/Parts
$15.5 million 6%
Although counterfeit watches are readily available in the U.S., over $15.5 million worth of watches and watch parts were seized in 2009. The majority of these items (just over $7.9 million in value) came from Hong Kong. The industry is currently flooded with replicas of every Rolex model available, as well as Panerai and Omega models.
6. Computers/Hardware
$12.5 million 5%
Over $12.5 million worth of computers and components was seized coming into the U.S. in 2009 -- almost double the amount taken the year before. It's a growing issue that causes several problems for consumers: Counterfeit computers and parts can work poorly, corrupt a user's data or even blow up. According to the Alliance for Gray Market and Counterfeit Abatement, up to 10% of all high-tech products sold worldwide are counterfeit.
7. Media
$11.1 million 4%
In 2008, just under $6 million worth of media, including compact disks and DVDs, was seized entering the country. In 2009, that jumped to just over $11 million. Approximately half of these goods came from China. Counterfeit media is often referred to as "bootleg" media, and is widely available in street markets and for purchase on the Internet.
8. Pharmaceuticals
$11.1 million 4%
Slightly more than $11 million worth of pharmaceuticals were seized in 2009, most of which came from China. Pharmaceuticals also accounted for the majority of all counterfeit goods coming from India, making up 86% of intercepted goods originating from that country. Pharmaceuticals were the top commodity presenting "potential safety or security risks" according to the CBP. Pharmaceuticals account for 34% of all the items in this security risk category, which also includes electrical articles (power cords, lights) and critical technology components (networking equipment, semiconductor devices).
9. Jewelry
$10.5 million 4%
Counterfeit jewelry has a huge market in the U.S. In 2009, approximately $10.5 million worth of fake jewelry was seized. One popular means of counterfeit jewelry distribution is through online auction sites. Tiffany & Co. lost a lawsuit against eBay this past September regarding the sale of counterfeit Tiffany jewelry on its site.
10. Toys/Electronic Games
$5.5 million 2%
f the $5.5 million worth of toys and electronic games that were seized in 2009, just under $4.9 million came from China. Counterfeit toys have the potential of being extremely dangerous. Some are made with poisonous materials, such as lead, and others can malfunction and hurt children, such as electronic toys that overheat or even explode
See full article from DailyFinance: http://srph.it/idZRv4
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