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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FINANCIAL NEWS THAT EFFECTS DOCUMENT SECURITY
Tuesday, September 22, 2009
US Court rules a bank can be sued for their failure to adopt multi-factor authentication.
Late last month an Illinois District Court ruled a bank can be sued for their failure to adopt multi-factor authentication and concluded the bank breached its duty to protect the Plaintiffs' account against fraudulent access, and if the bank's failure to adopt multi-factor authentication caused fraudulent access to plaintiffs' account, it could be held liable for negligence.
In 2007, a hacker gained access to the plaintiffs' online accounts by using the plaintiffs’ username and password. The hacker ordered a $26,500 advance on the plaintiffs’ home equity line of credit, which was transferred to a bank in Austria. When the theft was discovered and the funds traced, the Austrian bank refused to return the money.
Citizens Bank notified the plaintiffs that it intended to hold them liable for the harm. The online banking agreement between Citizens and the plaintiffs stated "We will have no liability to you for any unauthorized payment or transfer made using your password that occurs before you have notified us of possible unauthorized use and we have had a reasonable opportunity to act on that notice." Citizens billed the plaintiffs for the $26,500, and when failed to pay the balance on time, Citizens reported the account as delinquent to credit bureaus, and threatened to foreclose on their home, if the plaintiffs continued to refuse to make payments.
The plaintiffs sued Citizens, claiming that the bank's actions violated the Fair Credit Reporting Act (15 U.S.C. § 1681, et seq.), the Truth in Lending Act (15 U.S.C. § 1601, et seq.), the Electronic Funds Transfer Act (15 U.S.C. § 1693 et seq.) and constituted common law negligence.
The Court ruled, "In light of Citizens' apparent delay in complying with FFIEC security standards, a reasonable finder of fact could conclude that the bank breached its duty to protect Plaintiffs' account against fraudulent access[,]" and if the bank's failure to adopt multi-factor authentication caused fraudulent access to plaintiffs' account, it could be held liable for negligence.”
How does this case help technology providers that address the multi-factor authentication requirement?
Speaking only for the voice biometrics industry, the bank could have installed a speaker verification application for multi-factor authentication. The application replaces the CSR manual account authentication process, and you can read more about this process on by blog at http://glenyou.blogspot.com/2009/08/is-your-contact-center-protected-from.html. Furthermore, each phone or internet voice verification can be recorded, and saved to a file to protect the bank from future multi-factor authentication claims.
There are other methods to address the multi-factor authentication process, but from a practical and cost effective method voice biometrics is the most secure and user-friendly method for banks to protect their customer’s identity and assets.
ANTI COUNTERFIETING NEWS AND STATISTICS
World's Most Valuable Brands: Brand Finance – The Huffington Post, Feb 18, 2010
Brand equity, that perennially overused bit of marketing argot, does actually have real monetary value. Though we're loathe to admit it, a huge swath of consumer decision-making is made simply on the virtue and impact of a brand name.
According to the latest calculations from the consulting group Brand Finance, the biggest global brands generate tens of billions of sales just on name alone. (Think powerhouses like Wal-Mart, Microsoft and IBM.)
Brand Finance employs a somewhat wonky method in its annual assessment of the world's 500 top companies. The firm attempts to determine "net present value of the estimated future cash flows" attributable to a specific brand. In other words, they're trying to determine "what's in a (corporate) brand name?"
The research found that the value of the world's top 500 brands has grown in value by 26% -- to US $2,873 billion -- from a year ago. But some sectors are doing better than others. The group reports that the value of bank brands have shown extraordinary improvement, growing by $127 billion -- the biggest increase of any sector. The retail sector, meanwhile, suffered a continued decline, losing $42 billion in brand value over the year as consumers practiced prudent spending in the downturn.
Check out Brand Finance's list of the world's most valuable brands:
The Brand Finance® Global 500
Rank | Brand Value | Brand Rating | Market Cap | |||||||
1 | 1 |
| 41,365 | 40,616 | AA- | AA- | 210,390 | 244,058 | ||
2 | 5 |
| 36,191 | 29,261 | AAA | AAA- | 184,969 | 79,164 | ||
3 | 2 |
| 34,844 | 32,728 | AAA | AAA | 132,543 | 104,519 | ||
4 | 3 |
| 33,706 | 31,530 | AA- | AA- | 165,974 | 136,675 | ||
5 | 4 |
| 33,604 | 30,882 | AAA | AAA | 261,135 | 152,137 | ||
6 | 6 |
| 31,909 | 26,654 | AA | AA- | 170,573 | 635,959 | ||
7 | 8 |
| 28,995 | 24,647 | AAA- | AAA- | - | 152,551 | ||
8 | 7 |
| 28,472 | 25,364 | AAA | AAA | - | 131,577 | ||
9 | 9 |
| 27,383 | 23,837 | AA+ | AA | 116,325 | 90,506 | ||
10 | 10 |
| 27,319 | 21,995 | AAA- | AAA- | 139,699 | 217,481 | ||
11 | 14 |
| 26,585 | 19,850 | AA | AA | - | 222,476 | ||
12 | 41 |
| 25,576 | 10,840 | AAA | AA- | - | 54,881 | ||
Monday, December 14, 2009 FOX NEWS
Feds Seize $26 Million of 'Knockoff' Items in Major Counterfeit Bust
Feds Seize $26 Million of 'Knockoff' Items in Major Counterfeit Bust
Monday, December 14, 2009
Federal authorities announced Monday they seized $26 million worth of "knockoff" DVDs, CDs, clothing, electronics, cosmetics, phones, holiday ornaments and pharmaceuticals in a carefully coordinated counterfeit bust.
The U.S. Immigration and Customs Enforcement said it recovered more than 708,250 counterfeited items in 41 cities and 26 states in what is being dubbed "Operation Holiday Hoax."
Seven people were arrested and charged in New York and Texas, authorities said.
During the operation, which ran from Dec. 8 to 13, ICE agents worked in conjunction with local law enforcement and the Mexican government to nab small businesses, flea markets, shippers and various vendors involved in the distribution of knockoff products.
Mexico reportedly recovered more than 225 tons of counterfeit items in separate raids.
"Operation 'Holiday Hoax" struck the counterfeiters and counterfeit vendors just when their inventories were at their peak," John Morton, assistant secretary of Homeland Security for Immigration and Customs Enforcement, said in a press release Monday.
"This is the season these criminals lure in unwitting holiday shoppers and sell them substandard and sometimes dangerous goods," he said. "Besides putting a dent in the criminals' holiday profits, we are getting out the word to consumers that counterfeits are everywhere."
Buena Vista Reasource News Release
Colorado Security Council - February 16, 2010 Colorado Springs
Security suppliers and end users of security products have formed a fraud countemeasure technology exchange. The founding compnaies and agencies will use the council to network on difficult security issues.
Founding members, Top Flight Brand Protection, 3dTL, Buena Vista Resources invite interested compnies to contact us for information about membership.
Contact: Richard Ward at rward004@q.com
