Federal Financial Institutions Examination Council guideline dictates multi-factor security for online financial transactions by December 31, 2006
WICHITA, Kan., -LendingTools.com, a leading application service provider (ASP) for correspondent bank processors and community financial institutions, announced today it has experienced a surge in deployments of its biometric security product that encompasses fingerprint recognition software and fingerprint scanners. The increased sales are attributed to bank desires to meet the December 31 deadline set by Federal Financial Institutions Examination Council (FFIEC) for stronger security systems to protect consumer and business financial transactions conducted over the Internet.
“Security is only as strong as your most careless user, and passwords are often guessed, shared, or displayed on a sticky note on the users computer screen. The FFIEC states that better security is needed and our biometric authentication solution helps financial institutions meet their guidance,” said Eric Goering, president and chief executive officer of LendingTools.com. “With the FFIEC deadline of December 31 at hand, LendingTools.com has placed over 3,000 fingerprint readers in just 60 days. We expect the devices to support over 10,000 end users.”
The move to use fingerprint technology is based on its ease of use, low entry cost, and the secure nature of fingerprinting as a component of multiple factor authentication. The technology augments existing security platforms rather than replacing them. There is no costly integration, no time-consuming setup, and no learning curve for using and supporting complex new security measures.
LendingTools.com has teamed with DigitalPersona, the leader in fingerprint based biometric security, to provide its clients with the best choice in multiple-factor network authentication available today. DigitalPersona’s technology ensures strong user authentication to protect highly sensitive information and transactions while eliminating the IT costs of replacing forgotten passwords and the risks of compromising information related to lost or shared passwords. As personal computer manufactures are increasingly offering built-in fingerprint readers as an option, the demand for this type of biometric security is expected to become even stronger.
“Managing the security and risks associated with large transactional systems deployed over the Internet requires ongoing diligence,” said George Skaff, vice president of marketing for DigitalPersona. ‘Incorporating DigitalPersona’s fingerprint authentication technology into LendingTools.com solutions provides customers with assurance their data is protected and that the company is in accordance with regulatory compliance.”
LendingTools.com, Inc. specializes in the design and delivery of web-based applications for the financial services industry and delivers them through correspondent processing organizations. Its On-We Network provides a low cost option for community bank image exchange through a series of On-We Network Community Hosts. Over 2,000 financial institutions utilize one or more LendingTools.com services daily to originate and process ACH, wire, and imaged check transactions valued in excess of one billion dollars. LendingTools.com, Inc. is a privately-held Kansas corporation, and was founded by and is operated by bankers. LendingTools.com maintains two offices and data centers in Kansas and an office in Dallas, Texas. Please visit http://www.LendingTools.com for more information.
DigitalPersona is the leading provider of biometric authentication solutions for enterprise networks, developers and consumer OEMs. Founded in 1996, the company designs, manufactures and sells flexible solutions that improve security and regulatory compliance while resolving password management problems. DigitalPersona’s fingerprint readers utilize superior optical fingerprint scanning technology to more accurately authenticate users regardless of finger placement. The company’s interoperable biometric software solutions uniquely support the industry’s widest array of notebooks with fingerprint readers in addition to its own line of optical placement readers. DigitalPersona’s award-winning technology is used worldwide by over 25 million people in the most diverse and challenging environments for fingerprint authentication.
DigitalPersona has strategic relationships with market-leading manufacturers and resellers including Dell Inc., Microsoft and GTSI Corp. DigitalPersona Pro, the company’s flagship turnkey security solution for enterprise authentication, is used by leading organizations such as the U.S. Department of Defense, Cargill, Telefonos de Mexico S.A. de C.V, (TelMex), United Bankers’ Bank and Sutter Health/CPMC. For more information contact DigitalPersona, Inc. at +1 650.474.4000, or visit http://www.digitalpersona.com