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PhoneFactor Protects Commercial Online Banking Transactions for SNB

By Anuradha Shukla
TMCnet Contributor

Stillwater National Bank and Trust Company (SNB) is using PhoneFactor's award-winning authentication solution to protect its commercial online banking transactions.

PhoneFactor's Universal Banking Gateway (News - Alert) is enabling SNB to rapidly integrate PhoneFactor with their online banking platform and this delivers simple, effective protection in place for their customers in weeks rather than months.

Cyber attacks are very common these days and man-in-the-middle (MITM) attacks from malware and online banking trojans have caused several fraudulent financial transactions defeating many security measures put in place to protect against them.

But businesses are giving a tough fight and on the same note SNB has added out-of-band multi-factor authentication with transaction verification from PhoneFactor (News - Alert).

PhoneFactor calls the customer with details about the transaction once a transaction is initiated and the user enters a PIN during the phone call to approve the transaction. The transaction is not vulnerable to malicious code running on the user's computer as it is already verified across the telephone network.

Tim Sutton, PhoneFactor CEO and co-founder said that by deploying of out-of-band transaction verification Stillwater National Bank and Trust is providing the best security possible to its customers.

Using PhoneFactor is very simple as it leverages a phone to work for a large number of retail and commercial online banking customers.

"Given today's threat landscape, we believe getting the right protections in place for our customers today, rather than six months from now, is critical," said Laura Briscoe, vice president, Information Security at Stillwater National Bank and Trust. "PhoneFactor's transaction verification system offers strong out-of-band security, is easy for our customers to use, and provides the tools we needed to expedite deployment."