Authlogics has today announced the launch of its multi-factor authentication platform for retail banks. Authlogics for Retail Banking enables banks to provide customers with highly secure, convenient and consistent authentication for accessing online, mobile and telephone banking services, as well as providing additional layers security for ATM and Point of Sale devices.
Authlogics for Retail Banking enables banks to replace expensive hard-tokens and out of favour passwords, with a set of solutions that simplifies usability for customers, whilst increasing overall security. This is delivered using risk appropriate security techniques via 1.5 Factor Authentication (1.5FA), 2FA and 3FA logon methods. Using Authlogics for Retail Banking gives total flexibility to apply the appropriate level of authentication based on transaction type. The solution can also be integrated tightly with existing banking web sites, mobile apps and call centres for a seamless customer experience.
Included within Authlogics for Retail Banking is the award-winning and patented pattern-based authenticator -PINgrid. PINgrid can be used as a traditional 2FA (transforming mobile devices in to soft-tokens), as well as 1.5FA for a secure One Time Code logon without the need for a secondary device at all, which is well suited to tasks such as checking a balance. 3FA includes award-winning transaction signing functionality, requiring the highest levels of customer authentication, such as for adding a payee to your account.
Also, included within the platform is PINphrase, which uses memorable information as a secure authenticator. It works by storing information about the customer, like a mother’s maiden name, a memorable place or date, favourite sports team, or a unique word. When the customer next attempts to log on, the system will prompt them for random letters from one or more random answers – never the whole word, for example: “Please enter the 1st, 4th, 5th and 2nd last characters of your first cat’s name.”
CEO of Authlogics, Steven Hope comments: “Customers want to know that their bank accounts are safe and secure, but they want to be able to access and transact quickly, using multiple devices and not be slowed down by an overly long and complicated login process.” He adds: “Until now banks have been trying to respond to this by using their existing authentication systems or building their own at great expense. Authlogics for Retail Banking addresses every authentication eventuality, across every customer transaction touchpoint, in an affordable off-the-shelf package.”
Authlogics for Retail Banking also provides banks with a low-cost way to handle two-way identification for telephone banking scenarios, enabling bank representatives to authenticate themselves to the customer and vice versa when making calls to customers. Hope adds: “Increasingly customers are wary of calls from people claiming to be from their bank. Using Authlogics for Retail Banking instils trust in the customer and eliminates the requirement for the customer to call back, resolving issues quicker and improving trust.”