StrikeForce Technologies, Inc. (SFOR) Teams up with Veratad Technologies to Offer a Comprehensive Compliance Platform Nationwide for New FFIEC...

StrikeForce Technologies, Inc. (SFOR) Teams up with Veratad Technologies to Offer a Comprehensive Compliance Platform Nationwide for New FFIEC Guidance

StrikeForce Technologies, known for providing extremely robust online identity theft and data security measures, solidified a strategic partnership with online/real-time and batch identity verification, as well as knowledge based authentication (KBA) solutions provider Veratad Technologies, LLC to provide a comprehensive suite for financial institutions across the country, so that they can readily meet upcoming January 2012 FFIEC (Federal Financial Institutions Examination Council) compliance deadlines.

The June 28, 2011 FFIEC, authentication in internet banking environments supplement, overhauled the 2005 guidance and strongly moves the risk management framework for the policy into a much stronger position from the standpoint of customer authentication and rigorous security layering in what has become an increasingly hostile online banking environment.

Terms of the agreement will bring together the competencies of both companies in providing world-class service to everything from consumers to government agencies. The two companies will strive to offer banks, credit unions and the like nationwide a platform whereby comprehensive compliance, fraud mitigation and identity protection can be assured. Extant guidance is perfect for the solutions already offered by both companies and the partnership is a natural one that should lead to substantial momentum, especially for SFOR whose powerful two-factor, Out-of-Band authentication and keystroke encryption technology will form a major part of the platform.

CEO of SFOR, Mark Kay, underscored stipulations in the guidance specifically about two-factor authentication for the purposes of mitigating transaction risks and touted the Company’s patented ProtectID® technology, specifically designed for this task as a complete, multi-factor authentication platform. Kay pointed out that coupling ProtectID with SFOR’s GuardedID® product for keystroke encryption and the ID verification and online compliance tools from Veratad constitutes a one-punch knockout for the new and rather daunting FFIEC guidelines.

Managing Director at Veratad, John Ahrens, explained that existing Section 326 Patriot Act compliance measures required that financial institutions already know the customer’s identity prior to account creation and that the new guidance makes specific recommendations about KBA for so-called out-of-wallet challenge dialogs. Veratad has core KBA technology in their IDMatch+PLUS(SM) solution, using public domain information to inject solid heuristics into the dialoging process and thus delivering an extremely effective challenge question-based answer to guidance requirements.

Additionally, clients will have access to the sophisticated suite of online compliance tools provided by Veratad, for just about everything, including:

• Risk assessment
• Business continuity planning
• Information security
• Internet banking security
• FACTA identity theft
• Vendor management solutions

For more information on the strategic partnership, keep up with prevailing news, or to learn more about StrikeForce Technologies, Inc., please visit the Company’s website at: www.StrikeForceTech.com

More information on Veratad Technologies, LLC is available at that company’s website: www.Veratad.com

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