SOURCE: Bharosa

February 07, 2007 12:00 ET

Bharosa Joins Forces With Financial Services Technology Consortium to Contribute to 2007 Anti-Fraud Initiatives

Bharosa and FSTC Members Help the Financial Services Industry Protect Consumers Against Newest Forms of Identity Theft and Fraud

SANTA CLARA, CA and NEW YORK, NY -- (MARKET WIRE) -- February 7, 2007 -- Bharosa, a global provider of proactive, real-time fraud detection and multifactor authentication solutions, announced they will join other Financial Services Technology Consortium (FSTC) members to promote and advance information security initiatives that protect against the newest forms of identity theft and fraud. In addition, Dan Schutzer, Executive Director of FSTC, will join Bharosa's advisory board to lend his industry expertise and support Bharosa's market-leading product innovation efforts. By working closely together, FSTC members along with Bharosa will advance real-world solutions for combating the growing online fraud epidemic.

Industry analysts note that fraud attacks continue to rise dramatically and are beginning to significantly undermine consumers' trust in online commerce. Banks and other companies that greatly depend on online consumer sales and services must act quickly to prevent slowing growth of ecommerce by offering enhanced security services.

FSTC members, including Bharosa, are focused on defining best-of-breed security solutions and industry requirements for counter-fraud measures as well as the promotion of safer online financial services. Bharosa will join FSTC in its mission to promote and provide the necessary industry standards and technologies to help protect institutions and consumers. Bharosa's solutions authenticate users and identify suspicious behavior, helping financial services companies deter the most advanced online threats, including phishing, spyware, and malicious computer bots.

"We are pleased Bharosa is teaming with the FSTC to define and bring to market anti-fraud solutions," said Dan Schutzer, Executive Director of FSTC. "Technology partners play a vital role in our FSTC security initiatives, and Bharosa has valuable insight and authentication technologies that will support our mission to find solutions to key industry challenges."

FSTC is a consortium of leading North American-based financial institutions, technology vendors, independent research organizations, and government agencies focused on driving forward interoperable, open-standard technologies that provide critical infrastructures for the financial services industry.

"In order to further the growth of online services, there is a clear industry need to combat the morphing threat of identity theft and fraud," said Jon Fisher, Bharosa CEO. "By working closely with the FSTC to develop and promote innovative security solutions, we strive to help solve the industry's most pressing issues and promote safer online financial services for consumers."

About Bharosa

Bharosa is a global provider of proactive, real-time fraud detection and multifactor online authentication security solutions for the enterprise. Bharosa's Tracker product works behind the scenes to verify a host of factors used to confirm a user's identity, including the user's computer, location and online behavior. Tracker scores risk through a unique and proprietary "gated" security method and responds to risk in real time by increasing online security. Tracker offers strong asset and transaction authentication security that can be implemented without requiring any change to the online experience.

Another Bharosa enterprise product, Authenticator, protects sensitive credentials data from Phishing, Trojans and Proxy-Based Fraud. Tracker and Authenticator together form the organization's most powerful weapon in the fight against online identity theft.

Bharosa, Inc. is a privately held company founded in May 2003 and headquartered in Santa Clara, California. More information is available at www.bharosa.com.

About FSTC

FSTC brings together diverse and often competitive financial institutions, industry services providers, government agencies and others to collaborate and find solutions to key industry challenges. Project topics come from member financial institutions and are driven by participating members with the support of the FSTC staff. For more information on FSTC or current and future FSTC projects, please visit www.fstc.org

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