HSBC Deploys Authentify for Out-of-Band Authentication
Authentify has announced that HSBC has deployed Authentify’s services to protect online and remote transactions from fraud. According to the company, "HSBC, the world's largest bank by asset size, is using Authentify’s services to automatically authenticate online users attempting certain transaction against HSBC accounts. The out-of-band process requires user or transaction specific details to be entered via telephone, separately from the Internet side of the exchange. The process isolates the authentication from Internet threats making it more difficult to tamper with an account even if armed with compromised identity information."
“Authentify enables HSBC to validate the user and transaction details but keeps the process convenient for the end user,” said Peter Tapling, President & CEO of Authentify. “Using a telephone call synchronized to an online session provides a simple, reliable way to strengthen an online process. It layers with security mechanisms HSBC already has in place and uses technology based on something their users already own and know how to use.”
In a constantly evolving fraud environment, HSBC is continually evaluating new processes to protect its users and their assets. For some types of exploits, out-of-band technology was seen to offer the highest security with the most convenience.
According to Avivah Litan, Vice President and Distinguished Analyst at Gartner Research, “Protecting accounts and transactions from more sophisticated forms of fraud requires layers of security. Out-of-band authentication is one of the layers needed when financial services firms are encountering keystroke loggers and man in the middle exploits. In light of HSBC’s global presence, an OOBA solution that works globally is needed. A process that relies on the telephone makes sense in light of that need.”
Historically, difficult economic times experience increases in crime. Cybercrime follows a similar pattern. According to Authentify’s Tapling, “Out-of-band Authentication, or OOBA, is a strong authentication factor protecting HSBC and its customers from Internet attacks that can lead to identity theft. In light of continued warnings about increasing cyber attacks on banks, HSBC’s customers can be confident that HSBC is doing everything they can to protect them.”
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