BROOKFIELD, Wis. - Fiserv Inc. named PassMark Security a partner in providing multifactor authentication technology to its banking and credit union clients.
Financial institutions are under obligation to comply with Federal Financial Institutions Examination Council requirements to evaluate and strengthen their customer authentication procedures during online banking transactions by the end of 2006. Multifactor authentication uses multiple characteristics to determine a consumer's identity, typically by obtaining and verifying a password and either something the consumer owns (such as a personal computer) or something the consumer has (such as his or her voice).
"With the likelihood of potential fraud continually increasing, Fiserv is committed to helping our financial industry clients improve the security of their Internet services," said Fiserv chief operating officer Norm Balthasar in a news release. "We're pleased to partner with a company that is a leader in the Internet security field, with multifactor solutions already deployed across large banks and credit unions."
