SOURCE: Bharosa

November 14, 2006 03:00 ET

Bharosa to Provide Strong, Convenient Security for Customer Authentication to Sterling Financial Corporation

Financial Leaders Join Forces With Bharosa to Take Proactive Stance Against Increased Threat of Fraud

SANTA CLARA, CA -- (MARKET WIRE) -- November 14, 2006 -- Bharosa, a global provider of proactive, real-time fraud detection and multifactor authentication solutions, announced that it will provide Sterling Financial Corporation with solutions to enable enhanced security for customer authentication. Sterling Financial Corporation (NASDAQ: SLFI) is a broad-based financial services company headquartered in Lancaster, Pa. Bharosa's Authenticator and Tracker products are helping industry-leading banks implement security solutions that provide the most advanced, yet consumer friendly authentication and fraud detection for online banking environments.

"Our goal at Sterling is to deliver an exceptional financial services experience and to build valued, trusted relationships with our customers," said Kathy Phillips, Group Executive and Chief Information Officer at Sterling Financial Corporation. "After evaluating various products, we believe Bharosa's solution provides the best fit with our requirements for an easy-to-use solution that is strong enough to protect our customers and to address increasing demands from industry regulators like the Federal Financial Institutions Examination Council (FFIEC)."

Sterling will deploy several software products from Bharosa, including real-time Bharosa Tracker fraud detection, as well as strong, multifactor authentication for online users. Named as one of central Pennsylvania's fastest growing companies for the fifth consecutive year, Sterling strives to deliver the best products, services and experiences in order to stay ahead in the very competitive markets the company serves.

Bharosa's solutions address the convenience, security and cost considerations of today's consumers. Bharosa Authenticator and Tracker work together seamlessly so that banks can employ a range of security options to meet diverse user requirements or upgrade to higher levels of protection as threats increase without reinvesting in infrastructure. To meet FFIEC year-end deadlines with minimal IT deployment efforts, Sterling will utilize the Bharosa Universal Installation Option (UIO), which enables seamless integration with 3rd party banking platforms.

In a recent report by Javelin Strategy and Research entitled "Beyond FFIEC Compliance: Creating an Evolving Authentication Platform for Higher Lifetime Consumer Value," Bharosa was ranked highly in the top tier of providers capable of delivering solutions that successfully achieve the balance between effectiveness and customer convenience in the presence of a continually shifting landscape. Utilizing Bharosa products, Sterling will be able to strengthen online security measures without significant effort and will be able to maximize transaction volumes, even with new developments in fraud threats.

"As financial institutions of all sizes race to address the regulatory community's guidance on stronger authentication, Bharosa continues to gain momentum with leading financial institutions, like Sterling, because we offer the ideal combination of strength and consumer friendliness," said Jon Fisher, Bharosa CEO. "In today's world of escalating online fraud threats, we enable banks to take the most proactive yet convenient security stance for their online banking customers."

About Bharosa

Bharosa is a global provider of proactive, real-time fraud detection and multifactor online authentication 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 Sterling Financial Corporation

With assets of $3.1 billion and investment assets under administration of $2.8 billion, Sterling Financial Corporation (NASDAQ: SLFI) is a diversified financial services company based in Lancaster, Pa. Sterling Banking Services Group affiliates offer a full range of banking services in south-central Pennsylvania, northern Maryland and northern Delaware; the group also offers correspondent banking services in the mid-Atlantic region to other companies within the financial services industry. Sterling Financial Services Group affiliates provide specialty commercial financing; fleet and equipment leasing; investment, trust and brokerage services; insurance services; and human resources consulting services. Visit www.sterlingfi.com for more information.

Contact Information

  • Press Contact:
    Lorraine Kauffman-Hall
    Bharosa
    Email Contact
    (704) 882-0443