SUNNYVALE, Calif. -- AccuTech Systems Corp., a leading provider of comprehensive trust and investment management accounting software, has found RiskFort, the risk-based authentication solution from Arcot Systems, to be an effective tool in protecting its clients against online fraud and identity theft. AccuTechs clients include trust departments of leading banks, independent trust companies, law firms with wealth management practices, non-profit organizations and governmental agencies.
These companies need to demonstrate to their customers each day that for every user and every online transaction, the person at the other keyboard is a legitimate customer and not someone out to steal someones identity or account data, said Ray Unger, president and CEO of AccuTech Systems. RiskFort has been helping us provide that assurance of validity to our customers every time someone accesses their data.
Unger said AccuTech Systems needed to comply with the Federal Financial Institutions Examination Councils (FFIEC) guidelines, which call for institutions to implement multi-factor authentication, a requirement of their customers auditors. He said AccuTech found out right away that Arcots complete solution gives them much more than just FFIEC compliance. The option of adding new capabilities over time like more authentication layers and digital signatures without having to change systems, vendors, platforms or technologies, made our choice of Arcot that much easier.
Arcots RiskFort provides strong protection against online fraud in real time. It gathers data during the login process to focus in on suspicious activity, formulating a risk score based on the customers business rules and security protocols. The risk score then determines if the transaction is to be accepted or declined, if a greater degree of authentication is required, or if customer service or network security personnel need to be notified.
Arcots future-ready solution can provide other benefits such as enhanced online security and business process improvements with the unique, software-only ArcotID. This secure, easy-to-use access credential provides another factor of authentication security, without changing the familiar username/password login experience of AccuTechs customers or their end users. It also paves the way to enhance business processes with legally acceptable, non-reputiable digitally-signed documents.
Meeting various regulatory requirements and warding off threats from sophisticated cyber criminals are two crucial requirements for financial software providers looking to exceed customers expectations and maintain their competitive edge, said Carol Alexander, vice president of marketing at Arcot Systems. Arcot is pleased to be able to give AccuTech Systems a solution that enables it to create a safer online environment for its customers and comply with the FFIEC guidelines.