Bank Newport, one of the oldest mutual savings banks in Rhode Island, has contracted with TeleSign to provide tokenless two-factor authentication for online customer accounts.
Bank Newport chose the TeleSign product to ward off phishing, pharming and malware attacks. The authentication triggers when a customer logs into an account from an unknown device. The software sends a one-time verification code through voice or SMS to the user’s mobile phone or landline. Bank Newport has said the product has also reduced its help desk costs.
The implementation of the system helps the bank create a multi-layered fraud prevention feature on its accounts, and it helps the bank move closer to meeting FFIEC guidance.