PhoneFactor Inc. announced that Stillwater National Bank and Trust Company, Stillwater, Okla., has deployed its authentication solution to protect its commercial online banking transactions. By utilizing PhoneFactor’s Universal Banking Gateway, Stillwater was able to integrate the product with its online banking platform.
When a transaction is initiated, PhoneFactor calls the customer with details about the transaction.
To approve the transaction, the user simply enters a PIN during the phone call. Because the transaction is verified across the telephone network, it is not vulnerable to malicious code running on the user’s computer.
The PhoneFactor solution is designed to prevent man-in-the-middle attacks from malware and online banking trojans, which are responsible for millions of dollars in fraudulent financial transactions.