SSL provider Comodo delivers to Beehive Credit Union Members a revolutionary ability to verify site ID
Members will be Able to Trust and Confirm Legitimate Content with the Touch of a Mouse with patent-pending See Verify Trust (SVT) Technology
Jersey City, NJ (June 29, 2006) – Comodo, a global Certification Authority and leading provider of Identity and Trust Assurance Management solutions, announced today that Beehive Credit Union, a Salt Lake City credit union specializing in auto loans, mortgages, debt consolidation and home equity loans, will employ three components of Comodo's flagship mutual Two Factor authentication solution to ensure Beehive Credit Union meets FFIEC guidelines for increased verification and security in online banking. Comodo takes the lead in offering a proprietary mutual Multi factor authentication solution to help consumers establish trust in online financial transactions through an innovative new PKI-based mutual Multifactor authentication verification solution.
A mutual Multi-Factor authentication solution is one where the consumer can verify the bank as authentic and vice versa. Most banks use usernames and passwords to verify consumers, but consumers have no way of verifying bank web content as authentic since virtually all existing trust indicators are browser based which can be faked by imposters. The net result is that credit unions and community banks have seen a dramatic increase in phishing attacks in 2006, as recently reported by SC Magazine (June 9, 2006).
Beehive Credit Union chose Comodo as its mutual Multi Factor authentication partner because Comodo's credentials and expertise as a Certification Authority uniquely qualify it to deliver new technology for ensuring mutual Two Factor authentication. Comodo's innovative and patented-pending "See Verify Trust" (SVT) technology is at the heart of the mutual Multi-Factorauthentication solution and includes authentication processes for both sides of the transaction –consumer authenticating the credit union and vice versa. "The Comodo solution provides our business with a truly User friendly authentication solution", said Mr. Roger A. Wade, Beehive Vice President, Member Information Systems. "Comodo helped us determine our needs while providing a solution that can be deployed more quickly and for less cost than we thought possible. Most importantly, our members can feel reassured that their online transaction is protected with state-of-the-art technologies that are easy to use and do not interrupt their normal behavior."
Beehive Credit Union selected three components of Comodo's mutual Multi layered authentication solution:
SVT technology (See. Verify. Trust) is the key element of Comodo's Content Verification Certificate (CVC). These patent-pending Digital Certificate provide the highest level of site identity authentication available anywhere, yet these certificates are created, distributed and revoked using proven Public Key Infrastructure (PKI) methods and established X.509 standards. CVCs are used to digitally sign and protect specific web content such as site logo, login boxes and rate pages so consumers can verify site authenticity before ANY sensitive information is submitted. Consumers simply roll the mouse over protected web content (e.g. log-in box) and they can verify in real time if the content is genuine to the site it claims to be. If the site is authentic and can be verified, a bright green "good to go" border will be displayed outside the browser environment making this trust indicator impervious to fraudsters and site imposters. To enable verification, consumers utilize Comodo's free digital certificate reader called VerificationEngine™. Today, VerificationEngine (VE) can be used to verify the site identity of over 70,000 organizations including financial institutions, government agencies and public companies.
Comodo's SSL Certificate provide Internet security and verification of business website business legitimacy. Only High-Assurance SSLs certificates which authenticate site legitimacy and enable encrypted sessions should be used by banks for site security and authentication. Unfortunately, fraudsters have taken advantage of the fact that the gold padlock can be procured for non business verified SSL certificates which is why phishing attacks can be launched. With Comodo's High Assurance SSL certificates, Beehive Credit Union's members can feel confident when visiting its website.
In addition, Beehive Credit Union has employed Comodo's Secure Email Certificate which ensure that when a member receives an email from the credit union, the consumer can be sure that the sender is not a fraudster masquerading as the credit union or a partner. Also, email certificates will be used to encrypt sensitive communications within the credit union so that members' personal information remains confidential and protected.
"We are pleased to be able to provide Beehive Credit Union a Best Practices solution to enable a new level of identity and trust assurance for its online member base," said Andrew Pynes, Executive VP of Comodo. "These three trust solutions will allow Beehive Credit Union to enhance member confidence and trust thus removing potential consumer barriers to online banking adoption. This creates the opportunity for the credit union to realize lower operational costs while also enabling an increase in revenue-producing transactional volume as well."
About Beehive Credit Union
Beehive Credit Union is a full service, member-owned, non-profit financial institution. Founded in 1954, Beehive Credit Union has eight Utah locations, 22,000 members and assets of $160 million.
The Comodo companies provide the infrastructure that is essential in enabling e-merchants, other Internet-connected companies, software companies, and individual consumers to interact and conduct business via the Internet safely and securely. The Comodo companies offer PKI SSL, Code Signing, Content Verification and Email Certificate; award winning PC Security software; Vulnerability Scanning services for PCI Compliance; secure e-mail and fax services.
Continual innovation, a core competence in PKI, and a commitment to reversing the growth of Internet-crime distinguish the Comodo companies as vital players in the Internet's ongoing development. Comodo secures and authenticates online transactions and communications for over 200,000 business customers and 3,000,000 users of our desktop security products.
For additional information on Comodo – Creating Trust Online® visit Comodo.com
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