SOURCE: PhoneFactor

PhoneFactor

December 10, 2009 09:05 ET

VirtualBank Strengthens Online Banking Security With PhoneFactor

VirtualBank Adds Out-of-Band Two-Factor Authentication to High-Risk Account Logins

OVERLAND PARK, KS--(Marketwire - December 10, 2009) - PhoneFactor, a leading global provider of two-factor security services, announced today that VirtualBank will be deploying PhoneFactor's phone-based two-factor authentication to enhance security for their online banking customers after the first of the year.

In addition to existing security measures, VirtualBank customers will now also authenticate with PhoneFactor when additional verification is needed, such as logging in from an unknown computer or other scenarios. When this occurs, the customer will receive an automated phone call after entering their user name and password. They will simply answer the phone and enter a passcode to complete the login. By adding PhoneFactor authentication to high-risk logins, VirtualBank can add additional security when needed without impacting customers' day-to-day online banking experience.

"Real two-factor authentication is critical to secure online banking sessions, particularly those that are deemed high-risk. Historically, banks have deployed methods like security questions or secret phrases to authenticate users," said Steve Dispensa, CTO, PhoneFactor. "With today's threat landscape -- especially with man-in-the-middle attacks on the rise -- going outside the online channel for authentication truly helps keep customers secure."

VirtualBank has branded the process they have built around the PhoneFactor service "PhoneGuardian," and will make it available to all of its customers free of charge. PhoneFactor will be used to authenticate logins that are considered high risk based on a custom algorithm that examines numerous parameters at the time of login. If a user gets an authentication call when they are not logging in, a fraud alert can immediately be sent to VirtualBank to instantly lock the account and protect the client.

"Security comes first for us at VirtualBank and we are constantly working to make it better," comments Frank Barbato, Virtual Bank Chief Information Officer. "We feel equally as strong about our clients' on-line experience and the impact that all the security protections have on them. After all, our clients just want to access their accounts and get on with their lives rather than answering questions about their pet's name. PhoneFactor's flexibility in their platform enables us to both meet today's security needs while offering a superior user experience."

About PhoneFactor

PhoneFactor is an award-winning two-factor authentication service that uses any phone as a second form of authentication. Its out-of-band architecture and real-time fraud alerts provide strong security for enterprise and consumer applications. PhoneFactor is easy and cost effective to set up and deploy to large numbers of geographically diverse users. PhoneFactor was recently named to the Bank Technology News FutureNow list of the top 10 technology innovators securing the banking industry today, and as a 2010 SC Magazine Readers Trust Award Finalist. Learn more at www.phonefactor.com.

About VirtualBank

VirtualBank was founded in 2000 and is a federally chartered, FDIC-insured on-line bank based in Palm Beach County, Florida. Learn more at www.virtualbank.com.

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    Pierpont Communications, Inc.
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