Out-of-Band Authentication Evolves

Authentify's Peter Tapling on Mobile and Non-Banking Solutions
Out-of-Band Authentication Evolves
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Since the summer of 2009, U.S. banking institutions and their commercial customers have been plagued by incidents of ACH and wire fraud that have led to millions of dollars in losses.

See Also: Ransomware: The Look at Future Trends

Upon issuing its authentication guidance supplement in mid-2011, the Federal Financial Institutions Examination Council called upon institutions to deploy new layered security controls to better detect and prevent online banking fraud. Among the recommendations: Out-of-band authentication for transactions. In other words, a transaction initiated via one means (the internet) must be verified via a separate channel (a telephone) before the transaction can be completed.

In the past, out-of-band authentication was criticized as "difficult" - customers didn't want to receive a separate call about their transactions, critics said.

But Peter Tapling, President and CEO of Authentify Inc., a provider of out-of-band solutions, says that's a myth. "People appreciate being contacted when particular transactions look risky," Tapling says. "Out-of-band authentication provides the opportunity to do that in real-time, at very low cost to the institutions."

In an exclusive video interview recorded at RSA Conference 2012, Tapling discusses:

  • The value of out-of-band authentication;
  • New mobile applications;
  • How OOB is being used outside of banking.

Peter Tapling co-founded Authentify in 1999 and has held the position of President and CEO ever since.

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Information Security Media Group

Information Security Media Group (ISMG) is the world's largest media company devoted to information security and risk management. Each of its 28 media sites provides relevant education, research and news that is specifically tailored to key vertical sectors including banking, healthcare and the public sector; geographies from the North America to Southeast Asia; and topics such as data breach prevention, cyber risk assessment and fraud. Its yearly global Summit series connects senior security professionals with industry thought leaders to find actionable solutions for pressing cybersecurity challenges.




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