Friday, April 2, 2010

Verifone Selects Chase Paymentech as Preferred Processing Partner for Retail Distribution

VeriFone Announces Preferred Processing Partner for Retail Distribution

Image representing VeriFone Holdings as depict...SAN JOSE, Calif.--(BUSINESS WIRE)--VeriFone Holdings, Inc. (NYSE: PAY), today announced that Chase Paymentech has been selected as the preferred provider of new merchant accounts for buyers of VeriFone’s PAYware Mobile iPhone card payment solution sold through Apple Retail Stores and the Apple Store online beginning April 6.
“No longer will these small businesses lose sales because of an inability to accept payment by credit card or ‘check’ card.”
Chase Paymentech, a subsidiary of JPMorgan Chase, is a global leader in payment processing and merchant acquiring and an ideal partner in providing merchant processing services to small businesses who purchase the PAYware Mobile card encryption sleeve for iPhone.
“Chase Paymentech will be instrumental in achieving our goal of making it as easy as possible for merchants to acquire PAYware Mobile for iPhone so they can meet their customers’ demands for a card payment option,” said VeriFone CEO Douglas G. Bergeron. “No longer will these small businesses lose sales because of an inability to accept payment by credit card or ‘check’ card.”
VeriFone’s sleek and durable card reader slips over iPhone to accommodate card swipes and allow merchants to avoid high-cost “card-not-present” fees. It incorporates a stylus for signature capture and a mini-USB port for charging iPhone while the ergonomic reader is attached. The PAYware Mobile card encryption sleeve incorporates VeriFone’s end-to-end encryption technology and ensures secure payment processing.
Users also gain access to the PAYware Connect gateway, a fully customizable and reliable gateway service that's ideal for small businesses. Details of all iPhone payment transactions are available in real-time within the Merchant Portal on the payment gateway, which also enables businesses to consolidate payment reporting from multiple PAYware Mobile-equipped iPhones.
http://www.verifone.com
About VeriFone Holdings, Inc. (www.verifone.com)
VeriFone Holdings, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.

Contacts

VeriFone Holdings, Inc.

Media Relations:

Pete Bartolik, 508-283-4112

pete_bartolik@verifone.com
Permalink: http://www.businesswire.com/news/home/20100401005333/en/VeriFone-Announces-Preferred-Processing-Partner-Retail-Distribution


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Verifone Selects Chase Paymentech as Preferred Processing Partner for Retail Distribution

VeriFone Announces Preferred Processing Partner for Retail Distribution

Image representing VeriFone Holdings as depict...SAN JOSE, Calif.--(BUSINESS WIRE)--VeriFone Holdings, Inc. (NYSE: PAY), today announced that Chase Paymentech has been selected as the preferred provider of new merchant accounts for buyers of VeriFone’s PAYware Mobile iPhone card payment solution sold through Apple Retail Stores and the Apple Store online beginning April 6.
“No longer will these small businesses lose sales because of an inability to accept payment by credit card or ‘check’ card.”
Chase Paymentech, a subsidiary of JPMorgan Chase, is a global leader in payment processing and merchant acquiring and an ideal partner in providing merchant processing services to small businesses who purchase the PAYware Mobile card encryption sleeve for iPhone.
“Chase Paymentech will be instrumental in achieving our goal of making it as easy as possible for merchants to acquire PAYware Mobile for iPhone so they can meet their customers’ demands for a card payment option,” said VeriFone CEO Douglas G. Bergeron. “No longer will these small businesses lose sales because of an inability to accept payment by credit card or ‘check’ card.”
VeriFone’s sleek and durable card reader slips over iPhone to accommodate card swipes and allow merchants to avoid high-cost “card-not-present” fees. It incorporates a stylus for signature capture and a mini-USB port for charging iPhone while the ergonomic reader is attached. The PAYware Mobile card encryption sleeve incorporates VeriFone’s end-to-end encryption technology and ensures secure payment processing.
Users also gain access to the PAYware Connect gateway, a fully customizable and reliable gateway service that's ideal for small businesses. Details of all iPhone payment transactions are available in real-time within the Merchant Portal on the payment gateway, which also enables businesses to consolidate payment reporting from multiple PAYware Mobile-equipped iPhones.
http://www.verifone.com
About VeriFone Holdings, Inc. (www.verifone.com)
VeriFone Holdings, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.

Contacts

VeriFone Holdings, Inc.

Media Relations:

Pete Bartolik, 508-283-4112

pete_bartolik@verifone.com
Permalink: http://www.businesswire.com/news/home/20100401005333/en/VeriFone-Announces-Preferred-Processing-Partner-Retail-Distribution


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BillMyParents Launches Marketing Initiative with Skateboarder



Professional Skateboarder and TV Star Rob Dyrdek Teams Up With BillMyParents® Online Teen Payment Solutions and Teen Prepaid MasterCard®

SAN DIEGO, CA--(Marketwire - April 1, 2010) -  BillMyParents®, the online teen payment system of Socialwise, Inc. (OTCBB: SCLW), is proud to announce that professional skateboarder and TV star Rob Dyrdek has signed a deal with the Company to promote its online BillMyParents® payment solution and teen MasterCard® prepaid debit card. Dyrdek will be part of a major marketing initiative the company plans to launch in late spring that will include a multitude of top action sports athletes and retailers.
Rob Dyrdek is a star athlete, entertainer and entrepreneur, well known to tens of millions of fans both in the US and around the world. Rob's MTV reality show Fantasy Factory is wildly popular and he was a top five finisher in two recent Teens' Choice Awards categories. Additionally through Dyrdek Enterprises, he oversees several companies selling toys, apparel and athletic equipment as well as Street League, a foundation dedicated to creating safe street skate environments. Rob also has millions of teen followers on Facebook, MySpace and Twitter. 
"I'm excited to work with BillMyParents. I like what they do," said Mr. Dyrdek. "Giving teens freedom to pick what they want and also letting parents in on that, I think it gives parents insight into what their kids really want and gives teens the opportunity to learn financial responsibility. It just makes sense."
"Rob is an ideal celebrity athlete to promote BillMyParents. He is admired and followed by millions of teens, and his ability to promote and communicate a positive message to his fan base is unsurpassed," noted Jim Collas, President and CEO of BillMyParents®. "Rob's appeal extends to parents because he sets a light-hearted example to kids to work hard in order to achieve their goals. Parents also appreciate Rob's numerous philanthropic undertakings."
BillMyParents® provides innovative payment solutions for teens and parents. With theSupervised Shopping™ program, teens shop online and pick out specific items they want by using the convenient BillMyParents® payment button on partner retail sites. Parents have the option of providing an allowance-like spending limit in advance, or are notified via email or text to approve or deny each purchase requested through the simple, safe and easy-to-use automated system.
The new BillMyParents™ reloadable prepaid MasterCard® gives teens additional freedom and independence, enabling purchases wherever MasterCard® is accepted, both online and through traditional retail outlets. The BillMyParents™ MasterCard® prepaid card eliminates the risks of carrying cash, and also gives parents a unique set of enhanced monitoring and safety functions over their teen's card use. Coming soon, users can choose from many designs, including pictures of Rob Dyrdek.
About BillMyParents®BillMyParents® provides payment solutions targeted to young people between the ages of 8 and 21. Our solutions include both Supervised Shopping™ and our MasterCard® prepaid card with options ranging from giving parents complete control over purchases to simply monitoring purchase transactions. Our solutions facilitate communication between parents and young people and help teach financial responsibility. For more information: www.billmyparents.com.
About Socialwise, Inc.Socialwise, Inc. (OTCBB: SCLW) is headquartered in San Diego, CA. For more information:http://www.socialwise.com.


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BillMyParents Launches Marketing Initiative with Skateboarder



Professional Skateboarder and TV Star Rob Dyrdek Teams Up With BillMyParents® Online Teen Payment Solutions and Teen Prepaid MasterCard®

SAN DIEGO, CA--(Marketwire - April 1, 2010) -  BillMyParents®, the online teen payment system of Socialwise, Inc. (OTCBB: SCLW), is proud to announce that professional skateboarder and TV star Rob Dyrdek has signed a deal with the Company to promote its online BillMyParents® payment solution and teen MasterCard® prepaid debit card. Dyrdek will be part of a major marketing initiative the company plans to launch in late spring that will include a multitude of top action sports athletes and retailers.
Rob Dyrdek is a star athlete, entertainer and entrepreneur, well known to tens of millions of fans both in the US and around the world. Rob's MTV reality show Fantasy Factory is wildly popular and he was a top five finisher in two recent Teens' Choice Awards categories. Additionally through Dyrdek Enterprises, he oversees several companies selling toys, apparel and athletic equipment as well as Street League, a foundation dedicated to creating safe street skate environments. Rob also has millions of teen followers on Facebook, MySpace and Twitter. 
"I'm excited to work with BillMyParents. I like what they do," said Mr. Dyrdek. "Giving teens freedom to pick what they want and also letting parents in on that, I think it gives parents insight into what their kids really want and gives teens the opportunity to learn financial responsibility. It just makes sense."
"Rob is an ideal celebrity athlete to promote BillMyParents. He is admired and followed by millions of teens, and his ability to promote and communicate a positive message to his fan base is unsurpassed," noted Jim Collas, President and CEO of BillMyParents®. "Rob's appeal extends to parents because he sets a light-hearted example to kids to work hard in order to achieve their goals. Parents also appreciate Rob's numerous philanthropic undertakings."
BillMyParents® provides innovative payment solutions for teens and parents. With theSupervised Shopping™ program, teens shop online and pick out specific items they want by using the convenient BillMyParents® payment button on partner retail sites. Parents have the option of providing an allowance-like spending limit in advance, or are notified via email or text to approve or deny each purchase requested through the simple, safe and easy-to-use automated system.
The new BillMyParents™ reloadable prepaid MasterCard® gives teens additional freedom and independence, enabling purchases wherever MasterCard® is accepted, both online and through traditional retail outlets. The BillMyParents™ MasterCard® prepaid card eliminates the risks of carrying cash, and also gives parents a unique set of enhanced monitoring and safety functions over their teen's card use. Coming soon, users can choose from many designs, including pictures of Rob Dyrdek.
About BillMyParents®BillMyParents® provides payment solutions targeted to young people between the ages of 8 and 21. Our solutions include both Supervised Shopping™ and our MasterCard® prepaid card with options ranging from giving parents complete control over purchases to simply monitoring purchase transactions. Our solutions facilitate communication between parents and young people and help teach financial responsibility. For more information: www.billmyparents.com.
About Socialwise, Inc.Socialwise, Inc. (OTCBB: SCLW) is headquartered in San Diego, CA. For more information:http://www.socialwise.com.


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Thursday, April 1, 2010

TSYS and FNBO Finalize First National Merchant Solutions Joint Venture



TSYS

TSYS and First National Bank of Omaha Finalize First National Merchant Solutions Joint Venture

COLUMBUS, Ga.--(BUSINESS WIRE)--TSYS (NYSE: TSS) and First National Bank of Omaha (FNBO) announced today the consummation of their joint venture transaction pursuant to which TSYS acquired a 51% interest in FNBO’s merchant acquiring business for approximately $150.5 million. FNBO retained a 49% interest in the newly formed company, First National Merchant Solutions, LLC (FNMS).
FNMS previously operated as a subsidiary of FNBO and offers merchant acquiring services, transaction processing and business and value-added services, as well as Visa®- and MasterCard®-branded prepaid cards. Ranked as the 10th-largest merchant acquirer in North America by dollar volume*, FNMS has more than 50 years of experience providing first-rate service and solutions to businesses across the United States. For more information, visit www.fnms.com.
*The Nilson Report March 2009
About TSYS
TSYS (NYSE: TSS) is one of the world’s largest companies for outsourced payment services, offering a broad range of issuer- and acquirer-processing technologies that support consumer-finance, credit, debit, healthcare, loyalty and prepaid services for financial institutions and retail companies in the Americas, EMEA and Asia-Pacific regions. For more information contactnews@tsys.com or log on to www.tsys.com. TSYS routinely posts all important information on its Web site.
About First National Bank of Omaha
First National Bank of Omaha is a subsidiary of First National of Nebraska. First National of Nebraska has grown into the largest private banking company in the United States. First National and its affiliates have more than $17 billion in managed assets and nearly 5,700 employees located in 35 states. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas.

Contacts

TSYS Media Relations

Cyle Mims, +1.706.644.3110

cylemims@tsys.com

or

TSYS Investor Relations

Shawn Roberts, +1.706.644.6081

shawnroberts@tsys.com

or

First National of Nebraska

Kevin Langin, +1.402.602.3541

Director of Public Relations

klangin@fnni.com

At A Glance











TSYS
Source: via Business Wire
Updated   07/07/2009   by company
Headquarters:Columbus, GA
Website:http://www.tsys.com
CEO:Philip Tomlinson
Employees:8,110
Ticker:TSS  (NYSE)
Revenues:$1.9 billion (2008)
Net Income:$250 million (2008)
Permalink: http://www.businesswire.com/news/home/20100401005842/en/TSYS-National-Bank-Omaha-Finalize-National-Merchant


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TSYS and FNBO Finalize First National Merchant Solutions Joint Venture



TSYS

TSYS and First National Bank of Omaha Finalize First National Merchant Solutions Joint Venture

COLUMBUS, Ga.--(BUSINESS WIRE)--TSYS (NYSE: TSS) and First National Bank of Omaha (FNBO) announced today the consummation of their joint venture transaction pursuant to which TSYS acquired a 51% interest in FNBO’s merchant acquiring business for approximately $150.5 million. FNBO retained a 49% interest in the newly formed company, First National Merchant Solutions, LLC (FNMS).
FNMS previously operated as a subsidiary of FNBO and offers merchant acquiring services, transaction processing and business and value-added services, as well as Visa®- and MasterCard®-branded prepaid cards. Ranked as the 10th-largest merchant acquirer in North America by dollar volume*, FNMS has more than 50 years of experience providing first-rate service and solutions to businesses across the United States. For more information, visit www.fnms.com.
*The Nilson Report March 2009
About TSYS
TSYS (NYSE: TSS) is one of the world’s largest companies for outsourced payment services, offering a broad range of issuer- and acquirer-processing technologies that support consumer-finance, credit, debit, healthcare, loyalty and prepaid services for financial institutions and retail companies in the Americas, EMEA and Asia-Pacific regions. For more information contactnews@tsys.com or log on to www.tsys.com. TSYS routinely posts all important information on its Web site.
About First National Bank of Omaha
First National Bank of Omaha is a subsidiary of First National of Nebraska. First National of Nebraska has grown into the largest private banking company in the United States. First National and its affiliates have more than $17 billion in managed assets and nearly 5,700 employees located in 35 states. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas.

Contacts

TSYS Media Relations

Cyle Mims, +1.706.644.3110

cylemims@tsys.com

or

TSYS Investor Relations

Shawn Roberts, +1.706.644.6081

shawnroberts@tsys.com

or

First National of Nebraska

Kevin Langin, +1.402.602.3541

Director of Public Relations

klangin@fnni.com

At A Glance











TSYS
Source: via Business Wire
Updated   07/07/2009   by company
Headquarters:Columbus, GA
Website:http://www.tsys.com
CEO:Philip Tomlinson
Employees:8,110
Ticker:TSS  (NYSE)
Revenues:$1.9 billion (2008)
Net Income:$250 million (2008)
Permalink: http://www.businesswire.com/news/home/20100401005842/en/TSYS-National-Bank-Omaha-Finalize-National-Merchant


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Town of Poughkeepsie Recoups Losses from Online Banking Cybertheft

SearchFinancialSecurity.com is reporting that "the money stolen from the online banking account of the Town of Poughkeepsie in New York has been restored" according to town officials.  If money transfers were authenticated using a PCI 2.0 Certified PIN Entry Device then instances such as this could be avoided.





With the help of its bank, Cherry Hill, N.J.-based TD Bank, and law enforcement authorities, all of the $378,470 stolen by cybercriminals earlier this year has been restored, Supervisor Patricia Myers said in a March 18 statement.  Criminals stole the money in four unauthorized transfers on Jan. 12 and deposited the funds into bank accounts in the Ukraine, Myers said in February. At the time, she said the Town had recovered $95,000 of the lost funds, which were then calculated at $378,000.  Myers had criticized TD Bank for not catching the unauthorized transfers, but with the restoration of the funds, she praised the bank for "its professional response to the situation" and said the town is happy to have "a banking partner that works hard to identify ways to help customers protect their money."






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Town of Poughkeepsie Recoups Losses from Online Banking Cybertheft

SearchFinancialSecurity.com is reporting that "the money stolen from the online banking account of the Town of Poughkeepsie in New York has been restored" according to town officials.  If money transfers were authenticated using a PCI 2.0 Certified PIN Entry Device then instances such as this could be avoided.





With the help of its bank, Cherry Hill, N.J.-based TD Bank, and law enforcement authorities, all of the $378,470 stolen by cybercriminals earlier this year has been restored, Supervisor Patricia Myers said in a March 18 statement.  Criminals stole the money in four unauthorized transfers on Jan. 12 and deposited the funds into bank accounts in the Ukraine, Myers said in February. At the time, she said the Town had recovered $95,000 of the lost funds, which were then calculated at $378,000.  Myers had criticized TD Bank for not catching the unauthorized transfers, but with the restoration of the funds, she praised the bank for "its professional response to the situation" and said the town is happy to have "a banking partner that works hard to identify ways to help customers protect their money."






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Browser Security Looms as Big Issue in Online Banking



Browser security looms as big issue

March 31, 2010 — 4:15pm ET | By Jim Kim
We've noted that cybercriminals have increasingly found ways to compromise the bank accounts of small enterprises, many of whom lack the online savvy to thwart the bad guys. What role does the bank play in this? Well, it might surprise you to learn that U.S. banks aren't exactly on the forefront of security when it comes to online banking by its customers.
Bank Technology News says this: "U.S. banks fret that desktop security features could inconvenience the customer and hurt the online experience. But they also fear liability-that by recommending a security feature for clients, the bank will be held legally responsible if any security-related losses occur."
At least one expert says that U.S. banks are lagging their counterparts in Europe by about 18 months when it comes to security offerings. But you would have to think that U.S. banks will change their tune on browser security as liability from breaches (data breach news) slowly starts to grow. Fifth Third has decided to be a pioneer. It will launch a pilot security solution for corporate clients that aims to "lock down" the online banking session between the customer's computer and the bank. The specifics are unclear but it may require some extra software and few more steps. Still, the inconvenience would be worth it for added safety--but if a breach still occurs, then what? 
For more:  - here's the article


Read more: http://www.fiercefinanceit.com/story/browser-security-looms-big-issue/2010-03-31#ixzz0jshVgE2I
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Browser Security Looms as Big Issue in Online Banking



Browser security looms as big issue

March 31, 2010 — 4:15pm ET | By Jim Kim
We've noted that cybercriminals have increasingly found ways to compromise the bank accounts of small enterprises, many of whom lack the online savvy to thwart the bad guys. What role does the bank play in this? Well, it might surprise you to learn that U.S. banks aren't exactly on the forefront of security when it comes to online banking by its customers.
Bank Technology News says this: "U.S. banks fret that desktop security features could inconvenience the customer and hurt the online experience. But they also fear liability-that by recommending a security feature for clients, the bank will be held legally responsible if any security-related losses occur."
At least one expert says that U.S. banks are lagging their counterparts in Europe by about 18 months when it comes to security offerings. But you would have to think that U.S. banks will change their tune on browser security as liability from breaches (data breach news) slowly starts to grow. Fifth Third has decided to be a pioneer. It will launch a pilot security solution for corporate clients that aims to "lock down" the online banking session between the customer's computer and the bank. The specifics are unclear but it may require some extra software and few more steps. Still, the inconvenience would be worth it for added safety--but if a breach still occurs, then what? 
For more:  - here's the article


Read more: http://www.fiercefinanceit.com/story/browser-security-looms-big-issue/2010-03-31#ixzz0jshVgE2I
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National Strategy for Secure Online Transactions



White House wants online authentication standards

Thursday, April 1, 2010 in Library
by Zack Martin, Editor, Avisian Publications
President Obama has created a group called the National Strategy for Secure Online Transactions. The charge of the organization is to produce a framework that may eventually lead to U.S. citizens using strong authentication when conducting business on the Internet.
The vision of the group is: “To improve the trustworthiness and security of online transactions by facilitating the establishment of interoperable trust frameworks and implementation of improved authentication technology and processes for all online transaction participants, across federal, civil and private sectors.”
The rise of identity theft and growing concerns around cybersecurity are the reasons behind the groups activities. The group will work with government officials, industry and citizens to create a framework for online authentication. “Securing these transactions and creating a trusted online environment became a critical national priority with the release of the President’s Cyberspace Policy Review, resulting in a short-term action that recommends this strategy,” states a document in the stakeholder package for the group.
The benefits of the strategy propose to be:

  • Protection of personal privacy and identity information when collected.

  • Reduced financial losses and improved recovery from identity fraud.

  • Ubiquitous availability of recognizable, credible, and interoperable identity media to the general public.

  • Increased consumer confidence in online transactions.

  • Availability of e-Government services for citizens and industry at the Federal and State level.

  • Overall increased efficiency and improved user experience – fewer passwords, more online services, reduced dependency on paper transactions.

  • Increased innovation to account for new business opportunities, markets, and connectivity and availability of services as industry sectors advance their cyber presence.

  • Further development of interoperable standards for authentication of people, devices, software, and data.

  • Increased public and industry awareness.

  • Reduced identity theft even as dependence on online transaction increases.

Documents state that end results will be a partnership between public and private sector. One idea that’s been floated is creating businesses where citizens can go and bet vetted and then receive some type of authentication token, be it a smart card, one-time password or digital certificate on a computer. Whether this will be the end result is not yet know.
The identity services will also be tailored to a market, for example health care, tax, online banking, energy utilities, etc. There will also be several layers of assurance, similar to FIPS 201, that will equal with the level of risk associated with the transaction.
When it’s all said and done, the National Strategy for Secure Online Transactions aims to:
  • Foster the creation and adoption of federated identity frameworks that use a variety of authentication methods

  • Encourage the use of authentication methods with well-understood security, privacy, usability and cost characteristics

  • Encourage the use of authentication methods resistant to known and projected threats

  • Provide a general trust model for making trust-based authentication decisions between two or more parties

The strategy will apply to government-to-citizen, consumer-to-business, business-to-business and other transactions.
The group is on a tight deadline. Stakeholder outreach is underway and a first draft is already in the works. The timeline has Obama signing the framework by the end of July. [end] 
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National Strategy for Secure Online Transactions



White House wants online authentication standards

Thursday, April 1, 2010 in Library
by Zack Martin, Editor, Avisian Publications
President Obama has created a group called the National Strategy for Secure Online Transactions. The charge of the organization is to produce a framework that may eventually lead to U.S. citizens using strong authentication when conducting business on the Internet.
The vision of the group is: “To improve the trustworthiness and security of online transactions by facilitating the establishment of interoperable trust frameworks and implementation of improved authentication technology and processes for all online transaction participants, across federal, civil and private sectors.”
The rise of identity theft and growing concerns around cybersecurity are the reasons behind the groups activities. The group will work with government officials, industry and citizens to create a framework for online authentication. “Securing these transactions and creating a trusted online environment became a critical national priority with the release of the President’s Cyberspace Policy Review, resulting in a short-term action that recommends this strategy,” states a document in the stakeholder package for the group.
The benefits of the strategy propose to be:

  • Protection of personal privacy and identity information when collected.

  • Reduced financial losses and improved recovery from identity fraud.

  • Ubiquitous availability of recognizable, credible, and interoperable identity media to the general public.

  • Increased consumer confidence in online transactions.

  • Availability of e-Government services for citizens and industry at the Federal and State level.

  • Overall increased efficiency and improved user experience – fewer passwords, more online services, reduced dependency on paper transactions.

  • Increased innovation to account for new business opportunities, markets, and connectivity and availability of services as industry sectors advance their cyber presence.

  • Further development of interoperable standards for authentication of people, devices, software, and data.

  • Increased public and industry awareness.

  • Reduced identity theft even as dependence on online transaction increases.

Documents state that end results will be a partnership between public and private sector. One idea that’s been floated is creating businesses where citizens can go and bet vetted and then receive some type of authentication token, be it a smart card, one-time password or digital certificate on a computer. Whether this will be the end result is not yet know.
The identity services will also be tailored to a market, for example health care, tax, online banking, energy utilities, etc. There will also be several layers of assurance, similar to FIPS 201, that will equal with the level of risk associated with the transaction.
When it’s all said and done, the National Strategy for Secure Online Transactions aims to:
  • Foster the creation and adoption of federated identity frameworks that use a variety of authentication methods

  • Encourage the use of authentication methods with well-understood security, privacy, usability and cost characteristics

  • Encourage the use of authentication methods resistant to known and projected threats

  • Provide a general trust model for making trust-based authentication decisions between two or more parties

The strategy will apply to government-to-citizen, consumer-to-business, business-to-business and other transactions.
The group is on a tight deadline. Stakeholder outreach is underway and a first draft is already in the works. The timeline has Obama signing the framework by the end of July. [end] 
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