SOURCE: Bharosa

June 07, 2007 08:00 ET

i-flex solutions Partners With Bharosa to Offer Its Banking Customers Uncompromising Protection Against Online Fraud

Solution to Help Financial Institutions Thwart Latest Internet-Enabled Identity Theft and Fraud Schemes

SANTA CLARA, CA and NEW YORK, NY--(Marketwire - June 7, 2007) - Bharosa and i-flex solutions said today that the companies will collaborate to provide joint banking customers with advanced security solutions to combat the growing threat of consumer identity theft and fraud on the Internet. Bharosa will enable i-flex to add real-time fraud detection and multiple forms of authentication security to its existing FLEXCUBE retail banking product. The joint solution will safeguard consumers' online identity and transactions against the latest forms of online threats, including phishing, spyware, and malicious computer bots.

As part of its security strategy, i-flex will offer fraud detection and authentication capabilities from Bharosa to provide an enhanced security offering for its rapidly growing customer base as well as for customers of its outsourced offering through Financial Services Inc. (FSI). Bharosa, an award-winning, privately held Silicon Valley company, has quickly joined the ranks of the industries' largest security providers and is now securing over 25 million users in over 1,000 enterprises worldwide.

"i-flex strives to deliver the world-class performance, reliability and security banks require," said George Thomas, Vice President - Customer Fulfilment & Solution Architecture - i-flex solutions. "By combining Bharosa's offering with our FLEXCUBE retail banking platform, we can enable a more robust, yet seamless protection against the most sophisticated fraud attacks."

Online identity fraud is plaguing many industries, with financial services one of the most targeted. The Federal Trade Commission estimates 4.7% of the U.S. population, or 10 million people, were victims of identity theft in the last year, with total losses of US$53 billion. Growing consumer awareness is having a negative impact on online banking. According to the Gartner Group research firm, approximately 33 million U.S. adults do not bank online because of security concerns.

Using Bharosa and i-flex solutions together, institutions can defend against the latest fraud threats, including account takeover schemes and man-in-the-middle attacks to restore trust in Internet transactions and grow the online channel. The combined offering will utilize advanced authentication and fraud detection to score risk and alert organizations in real time to potential fraud threats. In addition, the joint solution enables companies to 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.

"Financial institutions and online retailers need to step up their security efforts if they want to keep pace with new fraud schemes, increased pressure from industry regulators and consumer demands," said Jon Fisher, Bharosa CEO. "Bharosa enables world-class banking application providers like i-flex solutions to bring best of breed identity theft solutions to market so institutions can balance security and usability requirements while staying one step ahead of the most sophisticated fraud threats."

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 password 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 i-flex solutions

i-flex® solutions (Reuters: IFLX.BO and IFLX.NS) is a world leader in providing IT solutions to the financial services industry, with over 750 customers in over 125 countries. Its range of products, custom solutions and consulting services enable financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels and mitigate risk.

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