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BankNewport Ensures Secure Global Banking With TeleSign 2FA(May 22, 2012)
LOS ANGELES, CA -- (Marketwire) -- 05/22/12 -- TeleSign, a market leader in Internet fraud prevention, and Intelligent Authentication, today announced the implementation of its tokenless Two-Factor Authentication to secure online customer account access for BankNewport. The integration of TeleSign's user authentication is a firm step toward meeting the FFIEC guidance and providing strong security for online accounts using the phone to verify the identity of online banking customers.
While other organizations are still reliant on easy-to-hack challenge questions, BankNewport has implemented TeleSign's Two-Factor Authentication to protect accounts from risks such as phishing, pharming, malware, and the evolving sophistication of compromised accounts. When a login is attempted from an unknown device, TeleSign sends a one-time verification code via voice or SMS to the user's mobile phone or landline. TeleSign's technology protects accounts from risks such as phishing, pharming, malware and the evolving sophistication of compromising accounts while giving users convenient and secure account access.
"Social engineering has made the answers to challenge questions widely available and easy to find. We wanted to give customers an extra layer of security without compromising user experience," said BankNewport eCommerce Assistant Manager, Sonia Williams. TeleSign's easy integration of two-factor authentication has already reduced our help desk costs and given users confidence that they can securely log in to their bank account and securely complete transactions.
The integration of TeleSign's technology contributes to a multi-layered fraud prevention suite, shielding accounts from unauthorized logins and securing account access from unrecognized devices. Verifying the user through a personal device, such as the phone, makes for a more secure banking ecosystem, helping financial institutions address FFIEC guidelines.
Every second, of every day, TeleSign protects the world's largest Internet and Cloud properties against fraud. TeleSign Intelligent Authentication provides an easy-to-implement and powerful method for identifying and substantially reducing online fraud and spam using the most widely deployed technology -- a user's phone. The company protects 2.5 billion downstream users in more than 200 countries, offering localization services in 87 languages. In 2011, TeleSign ranked #15 on the Deloitte Technology Fast 500 and was named Visionary in Gartner's User Authentication Magic Quadrant.
For more information about TeleSign, visit www.telesign.com
Founded in 1819, BankNewport is one of the oldest mutual savings banks in Rhode Island and the entire United States. Currently holding $1.1 billion in assets, BankNewport is an FDIC-insured savings bank and a subsidiary of the Mutual Holding Company, OceanPoint Financial Partners, MHC.
For more information about BankNewport, visit http://www.banknewport.com
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