Traditional Authentication "IS" Enough DAM it!

In a press release I saw this morning, I read where a company is introducing something they call Dynamic Account Modeling.  (Acronym...DAM...as in DAM those hackers)  What caught my eye wasn't the DAM application, but the fact that none of these DAM applications solve the inherent problem.  They are all band-aids, thrown against a wall like spaghetti to see what sticks.  Guess what?  There's only one way to secure online banking authentication.  That's by doing it via the same traditional authentication methodologies employed by banks to trust the dispersal of cash in non-face-to-face environments.  (i.e. Automated Teller Machines) 

Question? Who doesn't TRULY believe that Swiping their Card and Entering their PIN into a PCI 2.x Certified PIN Entry Device which instantaneously 3DES DUKPT encrypts the card holder data and uses "existing" bank rails, bank cards and PINs isn't A MILLION TIMES SAFER than "typing a username or password" into a box at the bank's website?  Really...Who? 

• TRUTH: It is easier to perceive error than to find truth, for the former lies on the surface and is easily seen, (by hackers? In browsers?) while the latter lies in the depth, (like 3DES DUKPT encrypted data?) where few are willing to search for it.  - Johann Wolfgang Von Goethe (1749-1832) German poet, novelist and dramatist.

Terry Austin to Highlight Modern Approaches to Stopping Today's Sophisticated Fraud Attacks



Atlanta, GA (PRWEB) December 8, 2009 -- Terry Austin, CEO of Guardian Analytics, a provider of online fraud prevention software for the financial services industry, will deliver a presentation titled, "Stopping Business Banking Fraud With Dynamic Account Modeling" at the Cash Management Forum in Atlanta today at 1 p.m.



His presentation comes in the midst of a surge of fraud targeted at online business bank accounts, and alerts from the FBI, Financial Services Information Sharing and Analysis Center, NACHA and other financial and government entities warning about the growing threat. In his presentation, Austin will share the latest trends in online banking fraud, specifically focusing on the recent sophisticated attacks against business accounts.



He will also discuss why "traditional authentication" isn't enough to stop today's fraudsters and how using Dynamic Account Modeling, rather than a rules-based approach, can create a more proactive and effective framework for financial institutions in their fight against internet banking fraud.

Editor's Note: Oh Contrariety! Traditional Authentication is enough. Just don't confuse it with or call "traditional authentication" the username password approach to online banking traditional. It isn't. "Traditional authentication" has always been Swipe Card, Enter PIN...not pop up graphical user interfaces or software which forces users to enter, and allows hackers to hack, usernames and passwords.



Go to any ATM and try to get money out. What "traditional authentication" process is required?  What do you have you do?  Swipe Card, Enter PIN. The only difference is that with HomeATM, you are in the privacy of your own home so it is very unlikely for there to be skimmers or hidden cameras to record your PIN numbers.

The Cash Management Forum, held Dec. 7-9 in Atlanta, brings together treasury management executives and managers from top financial institutions in North America to discuss issues and trends critical to enhancing their value as financial services providers. For more information about Guardian Analytics, visit: http://www.guardiananalytics.com/.



Who: Terry Austin, CEO of Guardian Analytics

What: "Stopping Business Banking Fraud With Dynamic Account Modeling" presentation

Where: Cash Management Forum, The Ritz-Carlton, Downtown Atlanta

When: Tuesday, Dec. 8 from 1-2 p.m. EST

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