AQA SafeGuard Out-of-Band (OOB) Phone Authentication

There has been an increasing and disturbing number of emerging attacks on your customers’ privacy and assets. Safeguard (OOB) helps to protect the transactions and account information against these attacks by providing a dynamic and configurable Phone Authentication solution.

To protect your customer from newly emerging attacks (MITB/MITM/Trojans) and to prevent the use of stolen identity or account credentials gained through phishing and other means, an Out-of-Band (OOB) phone authentication through a separate channel is the most effective security control method.

A real-time phone call provides an easy-to-use method for confirming online banking logins, reset password, online banking enrolment, and high value transactions and suspicious activity.

If a fund transfer transaction with a high value is initiated, an immediate automated phone call can be sent to the user’s registered phone number for verification, for example:

“Hello! This is ABC Bank calling to verify that you have initiated a fund transfer of $500,000 from an account ending 6757 to an account ending 6534. Please press 1 to confirm, press 2 to deny or press 3 to report a fraud.”

If the transaction is valid, the user simply presses 1 (or followed by a PIN or OTP from the user’s web browser) to approve the transaction. If the user does not answer the call or press 2, the transaction is denied or flagged for further review. In addition, the user can report fraudulent transactions by simply pressing 3. The system could lock the IPs where the user initiated the transaction and or this locks their account and sends an instant notification to your fraud team.

Where to Use OOB?

OOB provides an easy-to-use method for:

  • online banking login (replace current security question approach – FFIEC)
  • initiate a wire transfer or 3rd party fund transfer
  • online banking enrollment
  • critical changes:
    • add wire transfer payee
    • change contact info
    • reset a password
    • change access control
    • suspicious activity (based on Risk-Based Authentication)

Benefits of Out-of-Band Authentication

  • 100% Out-of-Band Security
  • Superior user experience
  • Fewer help desk calls
  • Instant Fraud Alerts if the user didn’t initial the transaction or login
  • Real-time authentication
  • Transaction Verification
  • Phone communication can occur in true real time
  • The authentication process can be “closed-loop” with certainty of completion

Why Dawn InfoTek’s SafeGuard OOB:

  • Offers a unique security option that is lighter, faster and cheaper than other solutions
  • Meets the FFIEC requirements with the recommended security control approach
  • Enables financial institutions to early success with an incremental approach that is ideal for long-term security solution into an enterprise solution
  • We can help you reduce the time, cost, skill level, and the security risk of projects.