OneID released OneID Confirm, a customizable two-factor authentication solution. It is based on the same architecture as the OneID Suite, a set of integrated digital identity solutions that eliminate the need for shared secrets. Instead, OneID relies on device-based, cryptographic secrets for authentication rather than more shared personal information.
Online fraud and cyber theft cost financial institutions an estimated $3.5 billion in 2012 and costs are increasing, prompting banks to seek more secure user authentication solutions. The guidelines from the Federal Financial Institutions Examination Council’s (FFIEC), a public-private standards council for financial institutions, call for financial institutions to deploy authentication controls that meet new and evolving threats to online accounts.
OneID Confirm ensures banks meet the requirement by providing a usable, flexible multi-factor authentication solution that protects from today’s security threats, while ensuring end users can still easily access accounts.
OneID Confirm offers financial institutions the following benefits:
Customization: Financial institutions may set multiple triggers for authentication, enabling some transactions to clear without additional end user approval while larger purchases or money transfers, for example, may require account holder approval. Further, banks may use OneID to replace or integrate with and augment existing authentication solutions.
Mobile support: OneID Confirm makes online banking easier and more secure by instantly providing multi-factor authentication through devices users already have.
Non-repudiation: Digital signatures authenticate transactions, providing non-repudiation assurance for financial institutions and greater fraud protections for end users.
Simple customer enrollment: OneID Confirm provides online enrollment for end users and as a federated digital identity provider, the solution enables account holders to use their digital identities at multiple outlets in a fully secure fashion.