PhoneFactor, a provider of phone-based multi-factor authentication services, today announced that Stillwater National Bank and Trust Company (SNB) has deployed PhoneFactor’s award-winning authentication solution to protect its commercial online banking transactions. By utilizing PhoneFactor’s Universal Banking Gateway, SNB was able to rapidly integrate PhoneFactor with their online banking platform.
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. Banks like SNB are fighting back by adding out-of-band multi-factor authentication with transaction verification from PhoneFactor.
When a transaction is initiated, PhoneFactor calls the customer with details about the transaction. To approve the transaction, the user enters a PIN during the phone call. Because the transaction is verified across the telephone network, it is not vulnerable to malicious code running on the user’s computer.
