MT-based financial services provider Davidson Companies announced that a database containing certain personal information of its current and past clients may have been breached. The company recently became aware of the intrusion and immediately took its public Internet site offline. The company has contacted law enforcement and its regulatory authorities, notified the three credit reporting bureaus, and retained an information technology security and forensic firm to review the incident to assist the company in its response. Based on the company’s review, there is no evidence the unauthorized access enabled the third party to affect or alter client accounts through company systems.
Sacramento-based Schools Financial Credit Union has selected PassMark Security to upgrade its online banking security with a “Two-Factor Two-Way” authentication system. Once PassMark is enabled, the two-way authentication system not only verifies the member to the home banking site, it also verifies the authenticity of the home banking site to the member. Schools members will enroll in the new security system by selecting a unique image and creating a personal, descriptive label for it. From then on they will see that image and descriptive phrase, the “PassMark”, when logging into online banking. As long as they see their PassMark, members can be assured that they are at Schools’ Web site and it is safe to enter their password.
Fiserv has chosen PassMark Security as a partner in providing multifactor authentication technology to its banking and credit union clients. Each of the Fiserv core processors will offer two options for implementing PassMark’s multifactor authentication technology as part of its Internet banking solution. A baseline option will provide a cost-effective way for financial institutions to comply with FFIEC requirements, while a more advanced solution will be available for clients who believe their risks warrant a more aggressive approach.
San Diego-based North Island Credit Union has selected PassMark Security’s “Two-Factor Two-Way” security solution. Members enrolled in the system see their confidential, personal “PassMark” — an image and a phrase known only to themselves and the credit union — after they enter their personal ID but before they enter their password. This lets them know instantly that they are on the real credit union Web site, and that it is safe to enter their password. The result is two-way security, authenticating the credit union’s Web site to its members and vice versa. The PassMark Two-Factor Two-Way solution, which will be integrated into the credit union’s existing Corillian online banking system, will be available to its members beginning in the third quarter of 2006.
The U.K.’s Alliance & Leicester has decided to use the PassMark Security “Two-Factor Two-Way Authentication” system. Alliance has nearly five million customers. It is the first bank in the UK to provide its customers with this added level of security. Using PassMark online customers log on to their accounts with secure, mutual authentication and get additional layers of risk-based transaction security that prevent phishing, key logging and man-in-the-middle attacks.
Alliance & Leicester announced it has
will now provide a greater level of security and protection against
fraud and identity theft for its nearly five million customers using the
PassMark Security “Two-Factor Two-Way Authentication” system. The PassMark
system combines several counter measures against online
threats in a single security solution. Online customers log on to their
accounts with secure, mutual authentication and get additional layers of
risk-based transaction security that prevent phishing, key logging and
man-in-the-middle attacks. Alliance & Leicester is the first bank in
the UK to provide its customers with this added level of security.
Atlanta-based S1 Corporation has decided to integrate PassMark Security’s authentication security system with its retail and small business online banking solutions. S1 will provide the enhanced authentication service to its nearly 1,000 financial institution customers. The PassMark system includes both “Two-Factor Two-Way Authentication” and real-time, risk-based transaction analysis and scoring to protect log-ins and transactions. Installed or being deployed at more than 20 financial institutions, the PassMark system will be protecting more than 20 million online users by the end of the first quarter.
California-based PassMark Security announced that Jeff Scheel has joined the Company as corporate development officer. Prior to joining PassMark, Scheel served as president and CEO of Vocent, a leader in voice-based security solutions for call centers in banking and other sectors. PassMark Security acquired Vocent in 2005. Before that Scheel was vice president and general manager for CRM Products at Siebel Systems, Inc. PassMark Security provides strong mutual authentication and layered security for online banking and ecommerce.
PassMark Security has named Lin Johnstone, formerly with Aspect Communications, as CEO. Johnstone previously served as CEO of two NASDAQ-listed technology companies and has held senior positions at Aspect communications, including vice president North America and EMEA. She received her MBA from Oxford Brookes University. PassMark Security provides strong mutual authentication and layered security for online banking and ecommerce.
The InterCept Group, Inc., a leading provider of fully integrated electronic products and services for community financial institutions, announced it has acquired C-TEQ, Inc., a provider of data processing and check and statement imaging to approximately 40 community financial institutions located in Oklahoma and Texas.
John Collins, Chairman and Chief Executive Officer of InterCept, said, “We believe the acquisition of C-TEQ will add to our ever growing geographic presence and increase market awareness of InterCept as a leading technology provider for community financial institutions across the U.S. This transaction is consistent with our strategy of increasing our customer base and geography while enhancing value for our shareholders.”
! Ann Johnstone, President and Chief Executive Officer of C-TEQ commented, “It is our belief that by combining our operations with InterCept we will be able to better serve our customers with a full suite of technology solutions to help them continue to operate successfully. We are very pleased to be joining an organization with a strong reputation in the markets they serve and look forward to becoming a part of InterCept.”
InterCept believes this transaction will contribute revenues and EBITDA in 2001 of approximately $3.0-3.5 million and $0.5 million respectively. Additionally, InterCept believes the transaction will be neutral to 2001 earnings per share.
InterCept is a single-source provider of a broad range of technologies, products, and services that work together to meet the electronic commerce and operating needs of community financial institutions. InterCept’s services include electronic funds transfer, debit card programs, core bank processing software, check imaging, and data communications management, as well as Internet banking products and services through its affiliate, Netzee, Inc. More information about InterCept can be found on the Internet at [http://www.intercept.net].
C-TEQ provides financial institutions with data processing and check and statement imaging. The combination of hardware and software, coupled with C-TEQ’s technical expertise provides community financial institutions with the ability to offer the same services to customers as large financial institutions offer theirs. For more information about C-TEQ, visit its web site at [http://www.cteq.com].