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RSA Touts Two-Factor Authentication

Company Sees Momentum Gaining in Market

RSA Security Inc. has announced that Allentown, Pennsylvania-based American Bank and West Chester, Pennsylvania-based Stonebridge Bank will offer their online banking customers RSA SecurID two-factor authentication technology to deliver a more secure online user experience.

These organizations join a growing roster of leading consumer-facing institutions, such as America Online, Banco de Credito e Inversiones (Chile), Credit Suisse, E-Trade Financial and Volkswagen Bank, in offering consumer identity protection based on RSA SecurID two-factor authentication technology. A December 2004 report by the Federal Deposit Insurance Corporation recommended financial institutions consider “upgrading existing password-based single-factor customer authentication systems to two-factor authentication.”

A May 2005 survey of 8,200 consumers commissioned by RSA Security showed that over 80 percent of respondents felt threatened by online identity theft and online fraud. The survey, conducted by Lightspeed Research, also showed that 80 percent of respondents would have more trust in their account provider – and greater confidence in transacting online – if their provider offered a hardware-based strong authentication solution. In addition, 44.5 percent of those surveyed said they would be more likely to switch account providers if a competitor offered hardware-based two-factor authenticators.

RSA Security’s new customers recognized that security concerns could inhibit consumers’ willingness to bank online, and understood the potential benefits that come with delivering strong authentication to their online customers. By offering RSA SecurID tokens, these organizations provide online banking customers with the option to leverage an easy-to-use security solution that helps protect both identities and personal assets.

Offering two-factor authentication also helps enable these banks to move more transactions to online channels, and creates a competitive advantage. RSA SecurID two-factor authentication technology is based on something you know (a password or PIN) and something you have (the authenticator), which displays a random 6-digit number that changes every sixty seconds – providing a much more reliable level of user authentication than static, reusable passwords.

“Joining world-wide organizations both large and small, Stonebridge Bank and American Bank are taking the necessary steps to ensure that their customers’ information remains confidential and secure,” said Chris Young, vice president of consumer authentication at RSA Security. “RSA Security has been a long-time leader in the two-factor authentication market and we are now leading the charge in delivering innovative consumer authentication services that meet the needs of the financial services industry and other consumer facing industries. For consumers, we are adding confidence to the convenience of conducting transactions online.”

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SYS-CON's Security News desk trawls the world of security for news of software, hardware, products, and services that seems likely to be of interest to infosec professionals and summarizes them for easy assimilation by busy IT managers and staff.

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Most Recent Comments
John Horner 06/23/05 02:47:55 PM EDT

RSA Touts Two-Factor Authentication. Two more banks have been added to the list of RSA two-factor SecurID authentication customers. American Bank and Stonebridge Bank will offer their online banking customers the RSA authentication, joining America Online, Banco de Credito e Inversiones (Chile), Credit Suisse, E-Trade Financial and Volkswagen Bank.

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