While ensuring that security is maintained at all levels including devices, it is also crucial to focus on the protection of the session and the transaction itself. Although MFA has enhanced security features on devices, it is not entirely reliable as a trusted transaction solution. To counter this challenge, the company developed the HID Trusted Transaction Suite, which combines both threat and fraud detection to make it a risk-based advanced authentication platform. They employ a data-driven authentication approach where the security paradigms depend on the risk level of the client’s environment.
The Trusted Transaction Suite encompasses three modules— the first being the authentication server that assists financial institutions in integrating authentication into their platform. This server helps the bank create and manage a digital identity, in addition to assisting them with compliance and centralized audit capabilities.
Our solutions have a fully transparent UX as they are built with ease-of-deployment in mind so that banks can operate smoothly adhering to their policies
The HID Approve, on the other hand, is a mobile multifactor authentication solution that can be embedded into the smartphone application; protected by public key-based cryptography, it also offers the convenience of push notifications. By establishing a secure connection between a mobile device, the authentication platform, and the bank, this feature secures the transaction process. The third module of the Trusted Transaction Suite is to strengthen their risk management posture, where evidence-based threat detection capabilities are applied. Comprised of three engines, the system generates a risk score using machine learning to determine the threat level and based on the trigger produced by the risk engine, the security levels are enhanced.
HID Global has been able to cover the growing attack surface along with protection for tellers, customers, and branches after acquiring a company named Crossmatch. “Our solutions have a fully transparent UX as they are built with ease-of-deployment in mind so that banks can operate smoothly adhering to their policies,” adds Jarvis. They provide dedicated assistance for integrating their clients’ systems with other banking applications.
Given their strong foothold in Europe, the Middle East, and Africa, HID Global supports several multinational organizations as well as small-to-medium-sized banks. By continuing to increase their acquisitions, they aim to create flexible solutions for consumers and provide better audit trails for banks. HID Global plans to accelerate their onboarding process through cloud services, and also offer a seamless experience to the customer with a superior security profile.
HID Global has announced the launch of a new cloud-based identity and access management (IAM) platform. Dubbed the HID Authentication Service, the platform is intended as a comprehensive security solution that will make it easier for other organizations to comply with new regulatory standards like GDPR, PSD2, and the California Privacy Act.
The Authentication Service is built to be customizable and scalable, with APIs that can be integrated into third party software or an organization’s existing security technology.
“HID is among the only IAM solution providers that can offer authentication for high security use cases all the way down to basic enterprise multifactor authentication,” said HID Global VP Brad Jarvis. “We believe that organizations in regulated markets will gain significant benefits from the HID Authentication Service.”
According to HID Global, the new solution is particularly well-suited to the needs of banks and other financial institutionsthat need to perform secure transactions.
“A cloud-first security strategy is not only desirable for speed-to-market and flexibility, but is also a requirement for compliance in many cases,” said Ben Robinson, the Chief Strategy Officer & Head of the Temenos MarketPlace.
The HID Authentication Service was on display at the recent Temenos Community Forum in the Netherlands, while HID Global was already the top seller on the Temenos Marketplace in 2018. The new Authentication Service should only increase the appeal of the company’s offerings. The news comes shortly after the launch of HID Origo, a similar cloud-based platform designed for mobile access that was unveiled earlier this year.