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The recent, rapid adoption by banks and credit unions of PKI- based clientcertificates confirms this "needs based model" since it recognizes thatauthentication - no matter how secure - can not sacrifice usability. "Previously,most small to mid sized financial organizations were simply focused on beingcompliant within the timeframe without trying deploy a best practices approachlargely because virtually all solutions either required major IT deployments or weredifficult for consumers to adopt or both." said Andrew Pynes, Executive VP atComodo. "But now, client certificates combine the best of both worlds - security andease of use - so banks and credit unions can provide a better customer experiencewithin a highly secured environment."
Comodo Two Factor (TF) was developed using customer insights garnered from researchamong bank and credit union customers to understand the optimum hierarchy of needsthat balance customer usability and security. The result of this research led to thedevelopment of Comodo TF that utilizes PKI-based digital certificates within ahighly flexible, low cost and configurable architecture. Comodo, as a leadingCertification Authority manages the entire lifecycle of the digital certificates viaan authentication/proxy server.
Therefore, instead of just complying with the guidelines, financial institutions ofall sizes can adopt a best practices approach to mutual authentication withoutneeding a dedicated IT staff to manage it. With Comodo TF, authenticationrequirements are aligned to a customer engagement process that is the easiest forthe customer to adopt - largely because the customer does not have to change theircurrent behavior. The customer simply needs to go through a one-time automatedauthentication/ installation of a digital certificate onto their PC, whicheffectively converts the PC into a "smart card" or authentication token. Onceinstalled, a customer does not change their behavior and can simply continue to usetheir existing username/ password as normal yet be authenticated to the bank in amore secure manner.
The ease of customer adoption in combination with a highly secure infrastructure hasresulted in Comodo TF being selected, on average, every 8 days by another bank orcredit union. In some cases, institutions reevaluated previously selectedtechnologies in favor of Comodo TF since this solution was seen as being superior interms of customer usability and ease of bank deployment. Benchmark Federal CreditUnion, Boiling Springs Savings Bank, Community Bank of Tri-County, HarleysvilleSavings Bank and Roma Bank are some examples of financial institutions that havemost recently adopted Comodo TF.
"We've witnessed an important transition in how financial institutions valueauthentication technology," said Melih Abdulhayoglu, President and CEO of Comodo."Whereas in the past, organizations tended to make investments to meet the basicrequirements, now these institutions are able to move up to a best practicesapproach that can enhance customer satisfaction but be highly secure and costeffective. This authentication model is best delivered by a Certification Authoritybecause our core competency is to enable authenticated, sensitive transactions whichcan be trusted by all parties."
More details are available at www.comodo.com/banking
About Comodo
Comodo is a leading global provider of Identity and Trust Assurance services on theInternet, with over 200,000 customers worldwide. With global offices in the US, UK,Ukraine and India, the company offers businesses and consumers the intelligentsecurity, authentication and assurance services necessary to ensure trust in onlinetransactions.
Comodo helps enterprises address digital ecommerce and infrastructure needs withreliable, third generation solutions that improve customer relationships, enhancecustomer trust and create efficiencies across digital ecommerce operations. Comodo'ssolutions include integrated Web hosting management solutions, infrastructureservices, digital e-commerce services, digital certification, identity assurance,customer privacy and vulnerability management solutions. For additional informationon Comodo - Creating Trust Online - please visit: www.comodogroup.com.
