January 26, 2006 -- (WEB HOST INDUSTRY REVIEW) -- Internet security provider Comodo (comodo.com) announced on Wednesday it has made available its Secure and Authentic Financial Engagements solution for online financial institutions.
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The new toolkit, says Comodo, are designed to enable financial institutions to ensure best practices as outlined by the Federal Financial Institutions Examination Council. And banks can better address concerns of online fraud, which is increasing at a rate of 18 percent a year.
In an effort to combat such threats, FFIEC upholds best practices for financial institutions to provide mutual transaction authentication online. This enables consumers to verify the authenticity of the Web sites before and during the transaction, while banks can verify users with a two-factor process.
"ITA SAFE not only helps banks best address regulatory compliance, but enables them to provide the most secure online transactions for their customers," says Melih Abdulhayoglu, president and CEO of Comodo. "By doing this, banks can recognize reduced operational and customer support expenses, mitigate risk in a proactive manner, and most importantly, increase customer trust online."
