By now, one is well aware that decision should be primarily driven by the strategic end objectives of the financial institution, whenever one is opting for a financial crime, security, risk & compliance management system.
However, one still needs to worry about the details: for example, one needs to analyze variety of security & fraud prevention methods that are available out there, so as to choose the best.
To help you in your decision making, our research department has come-up with an analysis document covering the transaction security [identity & phishing protection]. You could ask for this document by writing to Contact@ReadiMinds.com.
However, here is a brief overview of the document:
To start with, document identifies the key strategic objectives for transaction security. Some of them are:
- Transaction security should be transparent & absolutely hassle-free.
- It should be highly cost effective for financial institutions!
- It should be free to end-users.
- It should be easy to implement & manage.
- It should evolve as new challenges appear.
- System should be capable of growing and offering additional holistic "financial crime, security, risk & compliance management" solutions on the "same platform"!
Document then goes on to identify criteria for comparison of various 2FA methods. These are:
- Original 2FA cost
- Set-up cost
- Distribution cost
- Operational cost
- Replacement cost
- Scalability cost [cost of mass deployment]
- Whether need to carry any additional hardware
- Age of Technology
- Legal implications of method used
- Market share [is it growing or declining]
- Customer hassle caused, and
- Key issues of the method.
Based on the above, document goes on to compare following 2FA methods: Hardware token, Software Token, SMS OTP, Card Grid, Transparent Grid, and ReadiMinds Software 2FA.
Research indicates most of the 2FA methods are losing market share to "client device identification" technology - the fastest growing 2FA technology - the same method that is being used by ReadiMinds' Software 2FA. Many progressive financial institutions around the world, including Wachovia Bank and Wells Fargo use this method.
Document goes on to explore if the system can provide "integrated" phishing protection on the "same platform".
It also goes on to analyze if the "same system" can support additional layers for cross-channel fraud prevention on the "same platform".
About ReadiMinds' ReadiONE: ReadiONE is a Financial Crime, Security, Risk & Compliance Management platform. One can start at a very low price-point, opting for, say, only integrated identity and phishing protection - and adding more solutions like multi-layered cross-channel fraud prevention, AML, data-loss fraud prevention, risk and compliance management - and even cross/up-sell - over the period - on the same platform - as requirements grow. This strategy, more like what we all have followed with Core Banking, gives strategic business advantage, and saves millions of dollars and lots of hassle - without leaving any security gaps!
You only pay for what you need, and use the same platform to deploy additional solutions when you need. This approach also gives financial institutions a "holistic" view of the customer!
Why wait? Ask for a POC of ReadiONE right now!
>>> ReadiONE is being delivered to you by ReadiMinds - a Red Herring Global Top 100 Award Winning Company - Award Recognizes the 100 "Most Promising" Global Companies "Driving the Future of Technology"!
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Copyright: ReadiMinds 2010. All rights reserved. All trademarks and logos property of their respective owners and such are hereby acknowledged. Restricted private circulation. We are thankful and give credit to quoted sources. The views expressed and the information provided in this newsletter is of very general nature and is not intended to address the circumstances of any particular individual, entity, country or region. One should not act without seeking appropriate professional advise.