North American Financial Institution to Secure Online Banking With Entrust IdentityGuard
Commercebank to offer strong authentication to consumer banking customers to enhance identity theft protection
08 Nov 2005
DALLAS – Entrust, Inc. [NASDAQ: ENTU], a world leader in securing digital identities and information, today announced that Commercebank, one of the largest privately held banks in South Florida, will deploy Entrust IdentityGuard to over 40,000 customers across Florida.
Commercebank, recognizing user concerns around online identity theft, phishing and pharming attacks, evaluated a number of strong authentication alternatives before choosing Entrust IdentityGuard. Key criteria used in their selection process included ease of deployment and implementation, flexibility, scalability and cost.
“At Commercebank, we are committed to providing unparalleled levels of customer satisfaction and flexibility through the latest available technology,” said Herbie Folgueira, Executive Vice President at Commercebank. “We are constantly enhancing our product lines and services to meet the needs of our domestic and international markets, and one of those needs has been addressing the concerns around online banking and identity theft for our customers. We needed a solution that would be easy for our customers to use, while also scalable and cost effective. Entrust IdentityGuard met all those criteria.”
Entrust IdentityGuard is an easy-to-use strong authentication solution that can be integrated with Web applications for consumer online banking, or across the enterprise to secure sensitive applications and data. With a single solution, organizations are able to seamlessly deploy strong authentication for Web applications, Windows desktops, or remote VPN access. Unlike other point solutions in the market, Entrust IdentityGuard can deliver a flexible, strong, risk-based mutual authentication solution that can fit seamlessly into the user experience at a fraction of the cost of conventional time-synchronous hardware tokens.
“One of the challenges of initiating a new security measure for customers is the ease of delivery and implementation. The Entrust services team provided the necessary expertise and worked closely with our team to establish the optimum card delivery strategy, keeping our customers and their concerns in mind,” said Jose Reyes, Senior Vice President of Security with Commercebank. “We are excited about this roll out and the security Entrust IdentityGuard will provide to our valued customers.”
“With the dramatic increase in online identity theft and reported incidences of phishing, financial institutions must take responsibility for securing the online identities of their customers,” said Bill Conner, Chairman, President and CEO of Entrust. “Entrust applauds Commercebank’s efforts in offering this additional security for their customers, and we’re certainly pleased to play a key role in helping to strengthen the security of their online banking. We are particularly pleased that Entrust IdentityGuard will play a key role in providing a scalable, cost effective solution to Commercebank’s retail customers.”
About Commercebank
Commercebank N.A., one of the largest privately held banks in South Florida, is a wholly owned subsidiary of Commercebank Holding Corp., owned by Mercantil Servicios Financieros, the largest financial institution headquartered in Venezuela, with 80 years of experience in banking. Commercebank has assets of $4 billion. The Bank is headquartered in Coral Gables, Florida, with eight branches throughout Miami-Dade County, two in Broward County, one in Manhattan, New York, and one in Houston, Texas. It also has loan production offices in Tampa and in Weston, Florida. The Bank offers a wide variety of domestic and international, personal and commercial banking services, including investment, trust and estate planning through its subsidiaries, Commercebank Investment Services (CIS), and Commercebank Trust Company (CTC), N.A.
This press release contains forward-looking statements relating to the use of Entrust IdentityGuard by Commercebank N.A. and the expected scale of that deployment, the potential growth in use of second factors of authentication by various financial institutions for online transactions, the expected benefit of working with Commercebank N.A., and such statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are delays in product development, coordination of efforts between Entrust and Commercebank N.A., undetected software errors or bugs, the perceived need for additional security for online transactions, competitive pressures, market acceptance of technologies of Entrust, technical difficulties, changes in customer requirements, government regulations, general economic conditions and the risk factors detailed from time to time in Entrust's periodic reports and registration statements filed with the Securities and Exchange Commission, including without limitation Entrust's Quarterly Report on Form 10-Q for the quarter ended September 30, 2005. Entrust cautions investors that it might not update any or all of the foregoing forward-looking statement.