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Intelligent Voice Research Unveils a Unique Tool to Support Internet Banking; SoftFob(TM) Delivers Multi-Factor Authentication to Any User -- Anywhere -- Anytime

Posted on: Monday, 5 June 2006, 12:00 CDT

Intelligent Voice Research, LLC (IVR), a global innovator in automated telephone customer-contact applications, today announced the release of SoftFob(TM), a unique tool designed specifically to facilitate financial institutions in delivering a secure, multi-factor authentication key code to online consumers anytime, anywhere.

SoftFob(TM) is the first two-factor authentication system designed to address the need for online transaction security with a flexible, consumer-focused solution. Authentication keys are issued in real time, via voice message, email or SMS (text message), to customers conducting online transactions -- wherever they are, worldwide.

Every bank and financial institution that authorizes online transactions must strengthen its current authentication practices (beyond user name and password) to ensure compliance by December 31, 2006, as outlined in the Federal Financial Institutions Examination Council 's (FFIEC) newly issued guidelines on Security and Internet banking.(1)

The development of SoftFob began long before FFIEC issued any guidance on enhanced security for Internet banking but once the guidance was issued, IV Research carefully reviewed SoftFob's(TM) design and specifications to ensure that it would meet compliance standards.

"Right now, banks and financial institutions are scrambling to identify, evaluate and implement a multi-factor authentication security system in order to comply with FFIEC's tight timeframe," said Joseph Nicholson, CEO of Intelligent Voice Research. "It is important to remember that while transaction authentication is a security matter, the delivery of authentication keys remains a customer service issue. Voice calling remains the most universal, low-cost and effective method of communicating with customers, though it is sometimes overlooked in favor of more complex solutions."

Hard fobs, imbedded credit card chips, scratch-off cards and other authentication code delivery methods currently in use are costly to implement, difficult to administer and are often resisted by consumer as cumbersome and complicated. SoftFob(TM) does not require any specialized hardware (tokens or hard fobs) or software (cookie or drivers installed on consumer's PC) to deliver authentication key codes. It works with any operating system and is designed to complement all of a corporation's security systems currently in place or under evaluation. SoftFob(TM) is a totally outsourced solution that can be completely implemented in several days and the cost to financial institutions is pennies per transaction.

"IVR's strength is developing effective customer contact solutions," comments Nicholson. "SoftFob(TM) is an application of this specialty -- not a security system, per se. Delivering the SoftFob(TM) one-time key code to a customer's designated phone, email address, or by SMS text message, is a unique solution consumers will easily accept."

Intelligent Voice Research, LLC was founded in 2004 and is backed by the office of the William Rosenwald family -- Mr. Nicholson's long-time partners in the creation of new businesses that make unique use of technology to address financial services industry needs.

About Intelligent Voice Research

Intelligent Voice Research, LLC designs, deploys and operates automated customer contact solutions customized to industry needs. IV Research is the only company that controls its own world IP-based voice network -- and the only company with experience in delivering worldwide SMS text messages. The proprietary IV Research platform allows for rapid development and deployment of interactive automated customer contact solutions that utilize responsive, natural language voice applications, as well as true SMS text messaging and email. IVR offers its innovative cost-effective business solutions in five main areas: online security, customer collections, privacy breach notification, healthcare and custom applications. (www.ivresearch.com)

The William Rosenwald Family

As a private investment partnership founded by William Rosenwald in 1947 to oversee his share of the Sears, Roebuck fortune, American Securities has a history of creating new businesses by partnering with the management teams who create and operate them. Mr. Nicholson and the Rosenwald Family began their partnership with the creation of Belvedere Financial Systems in 1993.

(1) http://www.fdic.gov/regulations/examinations/supervisory/ insights/siwin05/article02_secure.html (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)

Source: Business Wire

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