The banking and finance industry faces a number of key challenges: shifting more customers interactions online to reduce costs, growing their customer base, and offering more dynamic and exciting content and applications. Institutions also need to stay ahead of electronic fraud by ensuring that customers and partners are provided with a risk-aware, secure environment with non-repudiated transactions. Institutions are facing increasing regulatory requirements from agencies such as the Federal Financial Institutions Examination Council (FFIEC) and the resulting routine audits and examinations. Equifax addresses these challenges by providing a customer-friendly, low-cost, strong authentication platform integrated with a host of other applications that support security, identity management, and non-repudiation requirements
Equifax platforms implement risk-based, multifactor authentication – including true Two Factor Authentication (TFA) – to make sure that the people with whom you are doing business are the people with whom you intend to be. TFA eliminates the hassle of highly complicated password solutions that drive up help desk costs or multiple out-of-wallet questions, all of which do not provide the security of true two-factor authentication. Low-cost, risk adjusted processes for interacting with your customers means a cost savings over traditional token and card-based solutions with your existing customer base and within your enterprise.
Financial institutions that interact with business partners for loan processing, clearance, or other outsourced services will benefit from the implementation of our VPN Connector to offer secure VPN connectivity to their business partners. Large customers with sensitive, high-volume interactions will particularly benefit from the integrated strong authentication process for secure tunneling and the reduced costs for deploying these services to broad, diverse audiences even in situations where other legacy mechanisms like tokens are cost prohibitive.
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