PhoneFactor Protects Against Fraudulent Transaction in Real-Time

New Transaction Verification Capabilities Provide Unparalleled Security

April 20, 2009 – PhoneFactor, a leading provider of security products and services, today announced the availability of Transaction Verification – a powerful tool for preventing fraudulent transactions in real-time.

For high-risk and high-value transactions, Transaction Verification protects against fraudulent activity by authenticating the transaction itself. By providing details about the transaction in the verification call, even if the user’s authenticated session has been hijacked, their transactions are protected.

“Attacks are becoming increasingly sophisticated – defeating traditional authentication methods such as tokens and certificates,” said Steve Dispensa, CTO of PhoneFactor. “The only way to protect against these threats is through out-of-band verification of the transaction itself. If you can provide this verification before the transaction occurs, the hassle of dealing with the aftermath if and when the account owner becomes aware of the fraudulent transaction is eliminated.”

Transaction Verification leverages the PhoneFactor phone-based two-factor solution which works by placing an automated call to the user. Users answer the phone and press # (or a PIN) to authenticate. PhoneFactor does not require users to key a One Time Password into the login interface – making the user experience seamless and providing a completely out-of-band authentication channel for added protection against sophisticated attacks like man-in-the-middle.

If a user gets a call requesting verification of an unauthorized transaction, they can simply press 911# to lock their account and notify their financial provider that an attack is in progress. The ability to not only stop the transaction before it occurs, but to also create a real-time alert is unlike any other solution on the market today.