September 23, 2008
CashEdge Enhances Risk Management for Online Money Movement With Knowledge Based Authentication System
NEW YORK, Sept. 23 /PRNewswire/ -- CashEdge, Inc. (http://www.cashedge.com/), the leading provider of online financial applications to banks, credit unions, brokerage and wealth management firms and the pioneer in online account opening and funding, announced today that it has enhanced the risk management capabilities of its leading online money movement solutions with the deployment of RSA(R) Identity Verification knowledge-based authentication system from RSA, The Security Division of EMC .
CashEdge's online money movement solutions include TransferNow(TM) and FundNow(TM). These solutions allow transfers between customer accounts held at any of more than 23,000 banks, credit unions and brokerages. TransferNow automates the verification of held away accounts, manages risk and moves funds via multiple payment networks. FundNow is an account funding solution that enables financial institutions to increase their new funding rate by simplifying the account funding process. Utilizing RSA Identity Verification, a new account can be approved and funded in a single session through CashEdge's automated verification and funding solutions.
With the addition of knowledge-based authenticated ID checks prior to outbound transfers, CashEdge has enhanced its industry-leading risk management capabilities.
According to the U.S. Federal Trade Commission (FTC), an identity is stolen every 4 seconds, and identity theft topped the list of consumer fraud complaints filed with the FTC in 2007. Fraudsters who possess valid identity information are able to perform account takeovers, accessing an identity theft victim's bank accounts with real credentials, and perform fraudulent transactions as if they were the authentic owner of the ID. As a result, banks are becoming more vigilant in providing safeguards for online banking services, particularly for online money movement, to help prevent fraudulent transactions from occurring.
"With this technology you can identify potentially fraudulent transactions much closer to the point of compromise, thus preventing downstream cost of fraud and customer impact; it makes the risk management process a lot more efficient," said Amir Sunderji, Senior Vice President of Payments & Chief Risk & Payments Officer at CashEdge. "This level of protection is absolutely essential when you are combating organized and sophisticated fraud rings."
"Identity assurance is the foundation of a continuous trust and facilitation model that provides the basis of how an identity is used at all times and what it can do. Our knowledge-based authentication system is a key part of this model and is critical for organizations that need to regulate and verify user identities to help prevent acquiring fraudulent parties within their customer base," said Sam Curry, Vice President, Identity and Access Assurance Group at RSA. "RSA is pleased to be working with CashEdge to help increase revenue from new accounts and repeat transactions, provide an enhanced user experience, and reduce operational costs and the potential for fraud."
CashEdge(R) provides innovative, online financial applications to banks, credit unions and wealth management firms. CashEdge's solutions include end-to-end online account opening and funding, funds transfer, small business payments and invoicing, and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities. The company currently serves hundreds of leading financial institutions including 23 of the top 100 banks, and 20 of the top 100 credit unions. CashEdge has offices in New York, Silicon Valley and India. For more information, visit http://www.cashedge.com/.
RSA is a registered trademark of RSA Security, Inc. in the U.S. and/or other countries. EMC is a registered trademark of EMC Corporation. All other company and product names may be trademarks of their respective owners.
CONTACT: Jennifer Moritz, Zer0 to 5ive, +1-917-748-4006,[email protected], for CashEdge
Web site: http://www.cashedge.com/