IBM Business Consulting Services Allies with Business Signatures To Offer Financial Industry Risk and Compliance Solutions
FFIEC Authentication, Risk Assessment, and E-Fraud Prevention Packages Available for Banks to Implement Best Practices in Online Security
08 Feb 2006
REDWOOD SHORES, CALIF - Breaking down the barriers to immediate FFIEC compliance and strong e-fraud security across the online financial services world, Business Signatures Corporation is partnering with IBM Business Consulting Services, the world's largest consulting services organization, to provide financial institutions with complete solutions for rapid FFIEC compliance in front-door authentication, as well as for prevention of e-fraud in on-line transactions. The offerings are based on the breakthrough Business Signatures e-Fraud Prevention Solution.
IBM Business Consulting Services teams in the financial services sector are being equipped with the following options available for immediate implementation:
- FFIEC Compliance: Includes Business Signatures Mutual 2 Factor Authenticator™ (M2FA) product and the FFIEC Compliance Best Practices Toolkit from IBM Business Consulting Services
- Rapid e-Fraud Risk Assessment: Includes a simple deployment of Business Signatures Real-Time e-Fraud Detector™ (RTFD) and e-Fraud Rule Library, Fraud Detection Reports, and a Best Practices for e-Fraud Prevention Report
- Comprehensive e-Fraud Prevention: Includes a full deployment of the Business Signatures e-Fraud Prevention Solution
"With botnets pushing out increasing numbers of phishing scams and dangerous malware on the rise, financial services organizations are demanding comprehensive and strong compliance and risk management solutions for their online services," said Seth Twery, Partner, IBM Business Consulting Services. "The Business Signatures e-Fraud Prevention Solution has achieved a convergence of risk and compliance functionality across the online channel that will enable us to deliver a proven solution with rapid deployment capability."
e-Fraud Prevention Solution
The Business Signatures e-Fraud Prevention Solution is an integrated produce suite that provides the most advanced defense against online fraud available today.
The Business Signatures FFIEC-compliant M2FA product includes:
- Full range of front-door authentication functions including challenge module, out-of-band notification, mutual authentication with dynamic watermarks, enrollment module, administration module, and call center module
- Comprehensive verification rules and easy integration with Business Signatures Real-Time e-Fraud Detector for multi-layer risk-based authentication
The Business Signatures RTFD product includes:
- The industry's first capability of "in-session" fraud detection and intervention based on "what you do" analysis of user-level and aggregate behavior patterns
- The e-Fraud Rule Library that captures the industry's first set of best practices in detecting fraudulent online behavior patterns
As the powerful second line of defense against fraudsters that can penetrate front-door security, the RTFD product has already been selected by top U.S. financial institutions. See news release "Top US Financial Institutions Select Business Signatures Breakthrough Solution for Real Time E-Fraud Prevention" on January 24, 2006.
Both RTFD and M2FA require no changes to Web application logic, allowing for small, straightforward implementation efforts. Deployed separately, they provide state-of-the-art defense at the front door of online service sites and identification of fraudulent intent in online activity. Deployed together, the products synergize for advanced protection.
The integrated solution leverages the powerful Business Signatures streaming query Intent Processor™ engine that provides real-time analysis of "fraudulent intent" and incremental risk scoring. The Business Signatures e-Fraud Prevention Solution is the subject of several patent applications for its unique depth of analysis.
"We are delighted to collaborate with IBM's consulting services to bring to market an immediate solution to FFIEC compliance, as well as customized approaches to addressing each bank's e-fraud challenge," said Peter Relan, Chairman and CEO of Business Signatures. "With our unique technology and solutions, and IBM's expertise and reach, banks can be assured that this partnership will address real problems in 2006 to help protect their online channels."
Related News
- Business Signatures Enables Major Financial Institutions to say No to Expensive "Per User" Fees For 2 Factor Authentication and FFIEC Compliance - January 31, 2006
- Top US Financial Institutions Select Business Signatures Breakthrough Solution for Real Time E-Fraud Prevention - January 24, 2006
About IBM
IBM is the world's largest information technology company, with 80 years of leadership in helping businesses innovate. Drawing on resources from across IBM and key IBM Business Partners, IBM offers a wide range of services, solutions and technologies that help enable clients, large and small, to take full advantage of the new era of e-business on demand. For more information about IBM see www.ibm.com.