Banks can use TeleSign for banking authentication of their websites so their customers are verified through a multifactor authentication system rather than just email verification. TeleSign helps increase banking authentication through instantaneous phone verification service.
Many financial institutions require some form of multifactor authentication to identify their customers and TeleSign’s banking authentication software is consistently rated number one by independent industry analysts. In the course of reviewing and auditing our banks security measures we decided to stage a virtual “break in” to test our existing depositor web site security. This testing method, not uncommon among major financial institutions, is a comprehensive way to ensure that on line security is up to date. When our final report card came in we scored a D minus and this sent shock waves through the bank’s boardroom.
Armed with this knowledge, the very same day we began our search for a multifactor authentication provider to revamp our substandard security measures. We discovered that TeleSign’s banking authentication solutions produced a unique customer “fingerprint” by requiring that an independent means of verification through a PIN number securely sent to the customers cell phone. This PIN was necessary for them to conduct any transfer, deposit or withdrawal of funds. We decided to go with TeleSign because their cost structure and integration platform matched their ability to provide a high quality security solution. At pennies per individual verification they were far and away the vendor with the lowest total cost of ownership. Additionally, their SOAP API based deployment model was the least intrusive to our existing system and didn’t require any a capital expenditures for purchase of additional hardware.
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