Security Executives Discuss Solutions to Identity Theft, Fraud
Arcot convenes world-leading experts from among its customers representing credit-card issuers, financial services companies and enterprises
Sunnyvale, CA – June 28, 2010 — The non-stop war against identity theft and online fraud was the hot topic at this year’s Arcot User Conference where security executives at some of the world’s leading credit card companies, financial services firms and enterprises recently gathered. They discussed the growth of online fraud and internet threats such as phishing, skimming, and malware that prey on unsuspecting consumers.
Successful strategies and countermeasures for defending against these and other emerging threats were shared when Arcot Systems, Inc., a global leader in delivering cloud-based authentication and fraud- and risk-management solutions, convened global heads of security and risk management at Arcot’s 2010 User Conference, held in Las Vegas.
The conference was attended by 80 senior executives who heard from a variety of speakers representing FannieMae, Fieldpoint Private Bank & Trust, JPMorganChase, MasterCard, PayLife Bank, PaySquare, Tesco, and Visa, as well as Arcot. Keynote speakers included Avivah Litan, VP and Distinguished Analyst at Gartner; Taher Elgamal, the force behind SSL; and Futurist, Thornton May.
Attendees discussed consumer data vulnerabilities and how to overcome fraud risk from the likes of teleworkers, contractors, consultants, business partners, outside auditors, shared computer stations, and contracted data centers used by enterprise companies, as well as banks and financial institutions.
Also discussed were methods to combat new threats being mounted to consumer-account information by organized crime groups that are aggregating data about potential victims via social-engineering techniques.
One of the keynote addresses advised the Arcot conferees to use a layered approach to security in monitoring transactions involving consumers’ accounts. Such a system would combine fraud detection, authentication and transaction verification of consumers’ account activities.
Other speakers extolled techniques such as Arcot’s specialty – fraud detection and strong authentication – while others described benefits that can accrue from using a cloud-based system as part of a comprehensive approach to security, such as the management of expenses, infrastructure, staffing, and disaster recovery.
“Our customers and partners who attended the Arcot User Conference in Las Vegas went away feeling affirmed in their perceptions of the seriousness of security threats and, at the same time, better informed by what they learned from their fellow security professionals,” said Arcot CEO Ram Varadarajan. “They also learned of new ways that Arcot solutions can help them cope with emerging internet threats and cross-channel fraud.”
Not surprisingly, attendees’ answers to an informal survey signaled the need for unrelenting vigilance, as respondents agreed that reports on security threats are significant and, to some degree, understate the extent of actual fraud the financial services industry sees daily. They overwhelmingly agreed that the problem continues to grow year over year and are looking for solutions that provide security and user convenience so their customers feel safe and at the same time, are able to get the job done. Arcot solutions help them mitigate fraud risk and protect their customers.
With tens of thousands of customers, including leading global IT, banking, pharmaceuticals, services providers and other enterprise accounts, Arcot enables organizations to protect their users from fraud transparently -- without requiring expensive hardware or tokens. Arcot security solutions can be deployed in the cloud and provide single sign-on (SSO), fraud detection and strong authentication for software-as-a-service (SaaS), internal or mobile applications to deliver the right balance of cost, convenience and strength.
About Arcot
Arcot is the Cloud Authentication Leader. Our solutions make Web transactions and online access safe for 120 million consumer, enterprise and e-Commerce users. Organizations can transparently protect their users from fraud without requiring expensive hardware. Arcot fraud prevention, strong authentication and e-Document security solutions can be deployed with SaaS, internal or mobile applications delivering the right balance of cost, convenience and strength. For more information, visit www.arcot.com.
Contacts
Carol Alexander Arcot Systems, Inc. +1-408-969-6174 or +1-650-576-8740
Alyssa Filipps Arcot Systems, Inc. +1-408-969-6173
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