Secure Axcess, a Plano,Texas patent-holding company that specializes in internet security technology, today announced it has reached settlements with seven financial institutions it had sued alleging patent infringement.
American National Bank of Texas, Austin Bank, Citizens 1st Bank, First Bank & Trust East Texas, Harris Bank, InTouch Credit Union, and North Dallas Bank & Trust reached settlements with Secure Axcess. Bank of America, BBVA Compass, ING Bank, and 11 other financial institutions remain active defendants in the case.
The technology in question relates to the use of a security image for authentication. According to Secure Axcess, it is widely used by the banking industry to protect online customers from phishing and other forms of fraud. It was originally developed by engineers working at American Express and is covered by U.S. Patent No. 7,631,191, the company said.
Secure Axcess has previously initiated several lawsuits against banks and tech companies, including Dell, CitiGroup, JPMorgan Chase and SunTrust.