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Weekly UpdatesEconomic gloom and bank merger mania, with its resulting customer churn, have combined to place consumers in greater jeopardy than ever before for online identity fraud. Guard ID Systems, renamed White Sky Inc. has unveiled a product in called ID Vault 4.0 aimed at protecting consumers when they bank or shop online from phishing exploits, keyloggers, and other forms of online fraud. ID Vault 4.0 represents the first software-only product to give consumers the security of fully secure, enterprise-level two-factor authentication in an easy- to-use software implementation, for a cost of $49.99.
One of the most effective innovations in online identity fraud protection comes in the way of two-factor authentication (TFA), in which at least two methods are used to authenticate a user's identity in order to prevent fraudulent access to accounts, rather than the commonly-used single factor authentication at work in the vast majority of online security products. Though TFA has long been recognized as more effective than single-factor authentication, it has been slow to proliferate due to high cost and complexity.until now.
Earlier versions of ID Vault have offered two-factor authentication using a combination of software and a hardware key, or "dongle." But the company has seen increasing demand from consumers and from large organizations, particularly financial institutions, for a software-only version to eliminate the hassle of keeping track of a dongle, to facilitate corporate-wide deployment, and to provide a seamless way for financial companies and other online entities to offer protection to their customers to minimize the cost and liability of online identity fraud. Already, several banks plan to offer ID Vault 4.0 to their customers by early 2009 for this purpose.
As with all versions of ID Vault, customers will have continual access to the ID Vault Trusted Network providing secure access to more than 8,000 financial and shopping sites. These sites are monitored constantly to verify the legitimate IP addresses and validate the sign-in protocols for each Web site - the only real way to guarantee protection from phishing and pharming attacks, which are growing exponentially in sophistication and number.
For more information, call 831-464-8060
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