Authentication services provider PhoneFactor, Inc. and Fiserv today announced a partnership makes phone-based multi-factor authentication available through Fiserv's Corillian Online banking solution.
The new phone-based option will be integrated into Fiserv's Intelligent Authentication, a multi-factor user authentication tool available to financial institutions. Intelligent Authentication enables both passive and active user authentication options, as well as traditional username and password authentication to reduce the risk of identity theft in the online channel.
PhoneFactor provides Fiserv with integrated multi-factor authentication services, including user authentication and transaction verification services. It works by placing automated calls to online banking users during login. The user completes the login by pressing the # key or entering a PIN. PhoneFactor can also verify specific online transactions.
"Financial institutions are actively seeking to minimize risk for their organization and their customers," said Geoff Knapp, vice president, Online Banking and Consumer Insights, Fiserv. "Our partnership with PhoneFactor will enable financial institutions that use Corillian Online and Intelligent Authentication to provide their account holders with a phone-based authentication option, giving them another tool to protect themselves against fraud."