SOURCE: BioPassword

September 25, 2006 08:30 ET

Allied Solutions and Smart Advisors Join BioPassword Premier Partner Program to Secure Online-Banking and Ensure FFIEC Compliance

User Authentication Based on Keystroke Dynamics Protects Consumers Against Identity Theft by the Rhythm of Their Typing

SEATTLE, WA -- (MARKET WIRE) -- September 25, 2006 -- BioPassword, Inc., the only software company providing secure authentication and anti-fraud solutions based on the behavioral biometric of keystroke dynamics, today announced the additions of Smart Advisors, LLC, an information technology professional services firm specializing in security solutions for the financial services industry, and Allied Solutions, a leading provider of insurance, lending and marketing products and services to financial institutions and their members for 26 years, to its Premier Partner Program, a comprehensive global channel initiative to dramatically expand adoption of BioPassword products worldwide.

By offering BioPassword's innovative authentication solution based on the behavioral biometric of keystroke dynamics -- the unique way we each type -- Allied and Smart Advisors can now address the Internet and enterprise security needs of the financial services industry, including the partners' customer base of more than 3,500 banking, credit union and insurance companies.

"Partnering with the heavyweights in the financial services industry greatly expands our opportunity to address the two-factor authentication needs of the top banks in the world," said Dean Bravos, vice president of worldwide channel sales at BioPassword. "With the most easy-to-use and cost-effective approach to multifactor authentication, BioPassword is working with Allied and Smart Advisors to enable financial organizations to reduce fraud, improve consumer confidence online and comply with FFIEC guidelines that include behavioral biometrics and keystroke dynamics as meeting its two-factor authentication requirements."

The FFIEC has issued strong guidance on implementing multifactor authentication by year-end 2006. Accordingly, 82 percent of respondents to Callahan & Associates' "2006 Credit Union Technology Survey" (www.creditunions.com/techsurvey) listed online multifactor authentication as a priority for technology spending in 2006, although only eight percent have any of these identity theft and fraud reduction solutions already in place.(1) The result in 2006 mirrors the 2005 Callahan & Associates' survey in which multifactor authentication/biometrics for member ID was the most frequently named spending category. According to the 2006 survey, credit unions will spend $2.2 billion in multifactor authentication solutions in 2006.

"Electronic fraud, especially account hijacking, is slowing down the adoption of online banking. At the same time, consumers are reluctant to add additional steps to logging on," said Pete Hilger, executive vice president at Allied Solutions. "To improve consumer confidence and expand the marketplace for online banking, financial institutions are eager to deploy an authentication solution that reduces fraud without making the login process cumbersome. BioPassword provides the best of both worlds."

Unlike other authentication offerings, BioPassword does not require the installation and use of expensive hardware devices such as tokens, fingerprint readers or retinal scanners. As a software-only solution, BioPassword provides the lowest cost of ownership (TCO) for the highest level of security and can be quickly deployed through integrations with Microsoft Active Directory and with Citrix environment for local or remote access.

About Allied Solutions

Allied Solutions (www.alliedsolutions.net) has provided quality insurance, lending and marketing products and services that meet the constantly changing needs of financial institutions and their members for more than 26 years. We provide innovative, value-added products and services that give our clients a competitive advantage and back them up with a level of service that is unsurpassed. Cutting-edge technology, competitive pricing strategies, and superior service and training support our business. We train our staff and design our systems around this philosophy, and choose carriers that share the same commitment. This commitment to service, combined with our commitment to quality, sets us apart from the competition.

About Smart Advisors, LLC

Headquartered in Indianapolis, Smart Advisors (www.smartadvisors.net) is an information technology (IT) professional services firm with an extensive background in a number of major markets, including banking, insurance, service provider and data security. We collaborate with our partners and clients to help leverage leading-edge information technologies and tools to drive business process improvements, address new opportunities and maximize bottom-line results in the financial services and other market segments. Our services include sales and marketing support for our partners, business strategy and transformation, security, risk assessment and mitigation solutions, and enterprise integration as well as mobile technology solutions for our clients.

About BioPassword

BioPassword, Inc. (www.biopassword.com), located in Issaquah, Washington, leads the market in delivering enterprise security software solutions for multifactor authentication and reducing fraud using the biometric science of keystroke dynamics. By creating a biometric template from user logon credentials in combination with a high-performance behavioral biometric processing engine, the device-independent authentication software is fast, accurate, transparent, scalable to millions of users and immediately deployable across the organization and the Internet without the need for expensive tokens, cards or other specialized hardware. Using BioPassword to monitor and authenticate users, organizations can quickly and cost-effectively implement secure access, comply with regulatory requirements, and reduce the risks of fraud. BioPassword products include BioPassword Internet Edition for multi-factor authentication in web-based environments and BioPassword Enterprise Edition for multi-factor authentication in Active Directory networks and Citrix Presentation Server environments.

(1) Callahan & Associates, “2006 Credit Union Technology Survey,” August 2, 2006.

Contact Information

  • Contact:
    Doug Wheeler
    BioPassword, Inc.
    (425) 649-1100
    Email Contact

    Dara Sklar
    Schwartz Communications, Inc.
    (415) 512-0770
    Email Contact