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TowerGroup: Case Study on Use of Strong Online Authentication to Beat Fraud
April 19, 2006
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Needham, Mass., -- A recent rise in email phishing attacks and increasing threats of fraudulent online activity are taking their toll on consumer confidence in the online banking channel. New research from TowerGroup explores how Bank of America is responding to these challenges by becoming the first large US bank to implement strong online authentication across all retail and small business customers accessing its consumer banking application.

Through the implementation of SiteKey, a risk-based authentication application, Bank of America customers can authenticate the bank's online banking application while the bank authenticates the identity of customers seeking to access the online banking application. Following the successful role out of this first large-scale implementation of strong online authentication, the bank is considering additional online security features -- such as requiring extra authentication for certain high-value online transactions.

Beyond just the online channel, TowerGroup believes that Bank of America has taken an important macro step in the fight against fraud by developing an enterprise detection system to monitor potentially fraudulent transactions across all delivery channels. Since fraud isn't limited to the online channel, this cohesive view of customer transactions will become increasingly important as criminals further pursue the path of least resistance when attempting to cheat institutions and their customers.

The TowerGroup report titled, "Doing the Right Thing: Bank of America Voluntarily Implements Strong Online Authentication" by George Tubin, senior analyst in the Delivery Channels research service at TowerGroup, provides insight into the process Bank of America used to develop and implement SiteKey and explores key learnings acquired by the bank during implementation.

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