TriCipher Solutions: Brokerage
In October of 2006, hackers broke into accounts at two large U.S. brokerages to execute fraudulent trades in order to manipulate stock prices in a “Pump and Dump” scheme. The attack caused $22 million in losses to the brokerages and negative press exposure. TriCipher’s strong user and
transaction authentication would have prevented the fraudsters from gaining access to the user’s accounts and/or manipulating individual transactions.
"The attacks, which took place during the last three months, were launched by identity thieves in Eastern Europe and Asia who primarily used keylogging software delivered via Trojan horses or other malware to steal users' confidential information. The hackers then logged into existing customer accounts -- or created dummy accounts -- to buy shares in little-traded stocks, driving prices up so they could sell their own previously purchased shares for a profit."
Eric Lai, Computer World
The
TriCipher Armored Credential System (TACS) is the only unified authentication infrastructure that can provide a secure, easy to use and low cost authentication system for online brokerages. TACS provides more effective security than traditional
PKI, is as easy to use as entering a username/password and has a low cost per user and transaction. The TriCipher patented
multi-part credential provides unparalleled protection of a user’s online identity while maintaining the familiar user experience of entering a username and password. With the secure multi-part credential as the foundation,
TriCipher’s Authentication Ladder™ integrates a range of authentication factors including passwords, browser cookies/certificates, PCs, portable devices,
tokens, smart cards and biometrics to provide a complete authentication system.
