iovation announced the immediate availability of iovation Phone Verification. The two-factor phone authentication solution provides an additional fraud-fighting layer.
“With today’s always-evolving cybercrime schemes, it is essential to provide a layered defense against the most sophisticated attacks,” comments iovation VP of product Scott Olson. “We are introducing Phone Verification because it is a proven and easy-to-deploy solution to deter today’s highly organized network of cybercriminals, and it also complements our existing fraud prevention services.”
It leverages two-factor authentication from TeleSign, adding an additional layer of security to screen for high-risk transactions. When conducting a transaction online, Phone Verification sends a unique verification code (one-time passcode) to the customer’s landline or mobile phone. The code can be sent via SMS or through an automated voice call to a landline or mobile phone, localized in native languages and dialects. The customer then enters the code into a specific website. If the code matches, they are authenticated and can proceed.
Security experts agree that leveraging a customer’s phone as an authentication device offers a highly reliable and customer-friendly approach for protecting customers and businesses. “Using an ‘out-of-band’ communication channel significantly reduces transaction risk because it requires a compromise to both the channel the transaction is initiated from and the alternate channel to complete a fraudulent transaction,” says CEB TowerGroup research director Jason Malo. “Delivering one-time passwords to a phone is a familiar process to consumers, and with efficient communication and context can make them feel more secure.”
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