Man-in-the-Middle (MITM) attacks from malware and online banking trojans are responsible for millions of dollars in fraudulent financial transactions each month and defeat many of the security measures put in place to protect against them. PhoneFactor’s out-of-band transaction verification protects financial institutions and their customers from even the most sophisticated attacks.
PhoneFactor Transaction Verification offers:
- Protection from Online Banking Trojans and MITM Attacks
- Phone Call, SMS Text, and Voiceprint Methods
- Security for ACH and Wire Transfers, Account Changes, and Password Resets
- Integration with Fraud Scoring Systems
- Rapid Implementation
Key Features
Protection from MITM Attacks
Because man-in-the-middle attacks are initiated by malicious code running on the user’s computer, these attacks can be used to hijack a user’s authenticated session without detection by the online banking application or the end user. Once the session is compromised, fraudulent transfers to mule accounts are initiated. The only way to protect against these attacks is to verify the transaction through a secondary, or out-of-band, channel. PhoneFactor does this by placing an automated call to the user. Details about the transaction are played during the call. So, if an attacker initiates a funds transfer, the account holder gets a call and can approve or deny the transaction. Because the transaction is verified across the telephone network, it is not vulnerable to malicious code running on the user’s computer.
Phone Call, SMS Text, and Voiceprint Methods
Allow users to choose the authentication method they prefer, phone call or SMS text message, all with the same level of out-of-band security and convenience. For the highest level of security, confirm the user’s biometric voiceprint during the verification call.
Authenticate Transactions and More
In addition to securing ACH and wire transfers, PhoneFactor’s Transaction Verification can be used to authenticate any high-risk transaction or event, including password resets, account changes, and much more.
Integrates with Fraud Scoring Systems
PhoneFactor can be easily added to existing online banking applications and fraud scoring systems to authenticate transactions deemed to be high risk. Because the process of verifying transactions is so easy and cost effective, more transactions can be flagged for verification with minimal impact on the user experience.
Rapid Implementation and a Robust, Scalable Authentication Platform
PhoneFactor offers a number of integration options for rapid implementation, including a Universal Banking Gateway, which adds an authentication layer to any online banking platform without requiring that the platform be modified. PhoneFactor scales to support millions of online transactions with multiple layers of redundancy ensuring the highest level of performance and availability.
