TriCipher Press Releases


TRICIPHER LAUNCHES ONLINE FRAUD PREVENTION SOLUTION FOR THE FINANCIAL SERVICES INDUSTRY

Enhanced TriCipher Armored Credential System™ Prevents Unauthorized Access to Online Services

SAN MATEO, Calif. – September 27, 2005 – TriCipher, Inc., a leading innovator of strong authentication for the real world, today announced a solution for the financial services industry to prevent online fraud based on the company’s TriCipher Armored Credential System™ (TACS). Existing fraud detection solutions are designed to detect thieves after they already have access to sensitive systems and data. TriCipher’s online fraud solution is designed to help prevent this access in the first place by providing flexible strong authentication coupled with malware protection, voice and knowledge-based authentication and identity data security.

“We’re leading a new market for prepaid cash cards in the United Kingdom, serving a mass consumer market which requires an alternative to cash in order to buy goods and services online,” said Rich Wagner, CEO and founder of APS. “Since prepaid cards are new to British consumers, user-friendly security must be built into the fabric of our offerings. TriCipher gives us the ability to readily deploy and centrally manage the many authentication types we require, meeting our needs for maximum security, usability, and online fraud protection.”

Expanded TACS Online Fraud Functionality
The enhanced solution adds a new optional check that helps prevent keystroke loggers, Trojans and other malware from successfully stealing credential information, voice-based authentication and knowledge-based authentication (secret Q&A). The TACS Client Health Check leverages the presence of various types of existing end point protection systems, to strengthen the quality of authentication. Not only does the on-line service strongly authenticate the user at first access, the organization has the option to perform secondary authentication through Q&A or out voice if a transaction looks suspicious. TriCipher’s enhanced solution provides multi-faceted protection against identity thieves attempting to gain access to online financial services and has the flexibility to increase authentication strength over the long term to protect against new attacks or comply with new regulations.

The TriCipher Authentication Ladder
With domain expertise built on a history of successful deployments in banks and other financial institutions worldwide, TACS is the first strong authentication solution that allows multiple levels of credentials to be managed from a single infrastructure. The TriCipher Authentication Ladder provides a comprehensive set of multi-factor credential options and a secure ID Vault to store sensitive identity data.

The credentials on the TACS Authentication Ladder secure a wide set of consumer and commercial online transactions, enabling fincial services firms to balance authentication security, cost and ease of use across a wide range of user needs. Since all credential types are issued from one system, financial institutions can easily step users up the ladder between credential types in order to respond to new threats or launch new services. In addition, TACS can be layered onto existing one time password, smart card and other deployments providing additional security and ease of management.

TriCipher’s Authentication Ladder options include:
• Armored Passwords: A zero-client solution that allows for simple, memorable passwords. By removing the requirement for a master password file on the backend, armored passwords remove the vulnerability to dictionary attacks.

• Browser 2 Factor: Mitigates phishing attacks without the need for client software, making it a manageable, easy to implement form of strong authentication ideal for securing large consumer populations. Browser 2 factor ties the user's account to a second factor encrypted in a cookie. Using this type of credential, the web application authenticates itself visually to the user, enhancing the perception of security.

• Device 2 Factor: Part of the credential is stored securely on the PC, delivering highly affordable 2 Factor authentication that does not require the user to manage a separate hardware token. Device 2 Factor requires a small client side driver, the TACS ID Tool, which can also check for endpoint security software. This helps protect against credential theft.

• Portable 2 Factor: Any generic portable storage media, such as USB memory sticks or MP3 players can be the second factor. The user can choose something they carry anyway, such as an iPod or a cell phone. The TACS ID Tool is required for this type of credential and can perform the optional endpoint security software presence check.

• Armored Token 2 Factor: Provides man in the middle protection for one-time password tokens. Also allows the organization to maximize existing investments in one time password tokens by managing the use multiple types of one time password tokens without complexity at the web application. The TACS ID Tool is required and can perform an optional endpoint security software presence check.

• Smart Card 2 Factor: TACS can accelerate smart card deployments by providing an easier way to manage credentials. This type of credential requires the TACS ID Tool in addition to the smart card driver, and can perform an optional endpoint security software presence check.

• 3 Factor: Use any combination of factors, such a PC 2 Factor plus portable 2 Factor, to create ultra-secure 3 factor credentials. The TACS ID Tool can also perform security software presence checks for this type of credential.

All of the above credential types can take advantage of secondary authentication steps where desired. Secondary authentication can be invoked should the endpoint security software presence check fail, the user requests a high-risk transaction or other events occur that the organization deems suspicious.

TACS also includes a FIPS 140-1 Level 2 rated ID Vault to provide secure storage for sensitive identity data, credit card numbers and encryption keys. The ID Vault helps protect against unauthorized access to this data, whether stored in the ID Vault of encrypted in place in a separate database.

“Our online fraud protection solution is designed for the needs of online business and consumer financial services,” said Ravi Ganesan, CEO, TriCipher. “Detecting potential fraud after the thief has already gained access to a bank account catches some fraud, but preventing access in the first place is a much more important protection. By combining a variety of strong authentication options, the ability to securely store identity data, checks for security software and secondary authentication options, we’ve put together a comprehensive solution to keep thieves out.”

About TriCipher, Inc.
TriCipher, Inc. provides strong authentication for the real world. The first authentication system that issues multiple types of credentials from a single infrastructure, the TriCipher Armored Credential System™ (TACS) allows for authentication strength to change in response to new threats without any infrastructure changes. Its patented technology fills the gap between authentication systems that are either not secure enough or too hard to use and deploy. TriCipher’s innovative approach to strong multi-factor authentication protects against phishing and eliminates dictionary attacks. Founded in 2000, TriCipher is headquartered in San Mateo, California. The Company was incubated as NSD Security before launching as a separate entity in 2005. Investors in TriCipher are ArrowPath Venture Capital, Intel® Capital, Trident Capital and Wasatch Venture Partners.

Copyright 2005 TriCipher, Inc. TriCipher, Armored Credential, and Armored Credential System are either registered trademarks or trademarks of TriCipher, Inc. in the United States and/or other countries. All other products and services mentioned are trademarks of their respective companies.

For More Information Contact:
Elizabeth Safran, Trainer Communications for TriCipher, Inc.
elizabeth@trainercomm.com, (408) 920-0585

Sally Sheward, TriCipher, Inc.
sally@tricipher.com, (650) 372-1312