Hosting News
Bank Procedure is "Win-Win"
2009-01-30
Jersey City, NJ, January 29, 2009 - To prevent online fraud, financial
institutions that offer online banking are required by the Federal Financial
Insitutions Examination Council (FFIEC) to double-check that the person logging
in to the system is a valid customer.
When BankNewport in Rhode Island adopted a Two-Factor authentication plan, its
concern was to make the transition as easy as possible on its customers. In
addition to requiring online customers to use a password, the bank chose to
install digital certificates from Comodo on each customer's computer.
The process looked simple: the first time the customer tried to log in, the bank
would send the customer a digital certificate, a small document. The document
would install itself on the customer's computer. Every time the customer tried
to log in after that, the bank's computer would check for the certificate.
As required by the FFIEC, BankNewport would thus check each customer's identity
twice: first with the password, and second with a digital certificate.
Even though the process looked simple, BankNewport wanted to take no chances. If
installing the digital certificates proved difficult for its customers, the
bank's help desk could be overwhelmed by frustrated customers all trying to log
in at once.
BankNewport innovated its transition to the new Two-factor Authentication. It
studied its online banking records and discerned that the same customers
generally logged in at the same time each day. It implemented the Two-Factor
requirement for only an hour the first day, allowing it to issue certificates to
a limited number of customers. Once the early-morning customers had been
provisioned, it could open the window by another hour, gradually phasing in
customers throughout the adoption process.
With digital certificates on their computers, and with their own secure
passwords, BankNewport customers could bank online with assurance and ease.
It was "one of the best solutions I've implemented since being here....It has
been a win-win solution for both our customers and our staff," said Nelson
Teixeira about BankNewport's Two-Factor Authentication process using Comodo
digital certificates. Teixeira is Vice President of Direct Banking and eCommerce
at BankNewport, a community bank fixture in southeastern New England since 1819.
BankNewport now holds over $1 billion in assets.
For more information about BankNewport's Two-factor Banking solution, visit
http://www.comodo.com/banknewport/index.html.
About Comodo
The Comodo companies provide the infrastructure that is essential in enabling
e-merchants, other Internet-connected companies, software companies, and
individual consumers to interact and conduct business via the Internet safely
and securely. The Comodo companies offer PKI SSL, Code Signing, Content
Verification and E-Mail Certificates; award winning PC security software;
vulnerability scanning services for PCI Compliance; secure e-mail and fax
services.
Continual innovation, a core competence in PKI, and a commitment to reversing
the growth of Internet-crime distinguish the Comodo companies as vital players
in the Internet's ongoing development. Comodo secures and authenticates online
transactions and communications for over 200,000 business customers and has over
10,000,000 installations of desktop security products.
For additional information on Comodo - Creating Trust Online™ visit our website.
For more information, reporters and analysts may contact:
Katharine Hadow
Comodo--Creating Trust Online
+1 (201) 963 0004 x4073
Email: media-relations@comodo.com
Click here for more information
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