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StrikeForce Technologies and Veratad Technologies Form Strategic PartnershipCreate Comprehensive Suite of Compliance Tools for Financial Institutions to Meet FFIEC Guidance Requirements (October 19, 2011)
EDISON, NJ and TEANECK, NJ -- (Marketwire) -- 10/19/11 -- StrikeForce Technologies, Inc. (OTCBB: SFOR) and Veratad Technologies, LLC have formed a strategic partnership to offer financial institutions nationwide the tools they need to meet the upcoming January 2012 FFIEC compliance deadline. Veratad is a world class provider of Virtual Identity Verification and compliance Solutions and StrikeForce is an innovator in the prevention of online Identity Theft and Data Breaches for enterprise, financial institutions, government agencies and consumers.
Under the terms of the partnership, the two companies will work together to offer banks, credit unions and other financial enterprises nationwide a comprehensive approach to compliance and mitigation of fraud and identity theft risks. "We are excited about this partnership with StrikeForce," said Veratad's Managing Director, John Ahrens. "Mark Kay and I believe that working together will significantly enhance our ability to assist financial institutions with protecting their customers and meeting their IT compliance requirements."
On June 28, 2011, the FFIEC issued a supplement to its "Authentication in an Internet Banking Environment," updating guidance which was originally issued in 2005. The purpose of the supplement is to reinforce the risk-management framework of the policy, and update the Agencies' expectations regarding customer authentication, layered security, or other controls in the increasingly hostile online banking environment.
The Guidance outlines several authentication schemes and identifies components of a secure online banking implementation for which StrikeForce and Veratad uniquely offer solutions.
"Financial institutions are already required to know the identity of a customer prior to account origination for compliance with Section 326 of the USA PATRIOT Act," said Veratad's Ahrens. "This new guidance regarding online banking transactions recommends the use of a Knowledge Based Authentication (KBA) that delivers 'out-of-wallet' challenge questions. These challenge questions are based on historical information found in publicly available databases and not generally found in your wallet. Veratad's IDMatch+PLUS(SM) Challenge Question solution can be easily deployed by financial institutions to satisfy this new FFIEC requirement."
Two-factor authentication that is aimed at mitigating transaction risk is also the subject of this guidance. Mark Kay, StrikeForce CEO, said, "The guidance strongly suggests that online transactions be protected with Out-Of-Band Authentication. StrikeForce's Patented ProtectID® is an 'Out-of-Band' multi-factor authentication platform designed to authenticate individuals and employees and/or perform transaction verification in real-time. When you couple this technology, our GuardedID® keystroke encryption product and Veratad's identity verification and online compliance tools, you hold all the keys necessary to protect your customers and assure compliance with this new FFIEC guidance."
In addition to Out-of-Wallet Questions, and StrikeForce's Out-of-Band Authentication and keystroke encryption solutions, financial institution clients will have access to Veratad's complete suite of online compliance tools that include Risk Assessment, Business Continuity Planning, Information Security, Internet Banking Security Program, FACTA Identity Theft Program and Vendor Management solutions.
About SrikeForce Technologies, Inc.:
StrikeForce Technologies, Inc. (www.strikeforcetech.com) helps to prevent online identity theft and data security breaches for consumers, corporations, and government agencies. It provides powerful two-factor, 'Out-of-Band' authentication and keystroke encryption solutions. StrikeForce Technologies, Inc. (OTC.BB) is headquartered in Edison, N.J., and can be reached at www.strikeforcetech.com or by phone at (732) 661-9641 or toll-free at (866) 787-4542.
Veratad Technologies, LLC (www.veratad.com) is a provider of both online/real-time and batch Identity Verification and Knowledge Based Authentication Solutions for those who conduct business on the Internet or any business that needs to verify an individual's age or identity. Its verification solutions are designed to verify an individual's identity and/or age while protecting sensitive personal data and promoting a high level of consumer privacy. Veratad is trusted by companies large and small to provide verifications of age and identity. In addition, Veratad offers a full suite of online IT Compliance Tools. Its customers include some of the world's most well known corporations who use Veratad solutions to reduce the risk of fraud, comply with financial regulatory requirements, provide a safer online experience and act with a greater sense of social responsibility. Veratad is headquartered in Teaneck, New Jersey. For more information contact Tom Canfarotta: 201-510-6000 ext. 120 or by email at [email protected].
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the sales of the company's identity protection software products into various channels and market sectors, the issuance of the company's pending patent application, and the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
Investor Relations Contact:
BlueWater Advisory Group, LLC.
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