12 Apr Fiserv to partner with PassMark Security
Milwaukee, Wis. – In a move to comply with federal requirements, Fiserv, Inc. has chosen PassMark Security, an Internet security provider, as a partner in providing multifactor authentication technology to its banking and credit union clients.
The move comes as financial institutions are under obligation, by the end of 2006, to comply with Federal Financial Institutions Examination Council requirements to evaluate and strengthen their customer authentication procedures during online banking transactions.
Multifactor authentication, considered a more secure approach than simple passwords, uses multiple characteristics to determine a consumer’s identity. Typically, the technology identifies customers by obtaining a customer password and something the consumer has, such as a personal computer, or something the customer is, such as his or her voice.