Wells Fargo Announces New Upgrades, Layered Approach to Further Strengthen Online Security
San Francisco — August 28, 2006
Wells Fargo & Company (NYSE: WFC) announced today new upgrades to its online security platform designed to give customers and businesses even more protection in the fight against Internet fraud. “The fight against online fraud is a continuous and comprehensive effort and an evolutionary process at Wells Fargo,” said Jim Smith, executive vice president of Wells Fargo’s Internet Channel and Products. “No one solution can solve the problem of online security. We favor a layered security approach to protect our most important assets: our customers.” As all banks will need to comply by year-end with the new Federal Financial Institutions Examination Council (FFIEC) guidelines, Wells Fargo is committed to meet and exceed them. Some of the new technologies that complement Wells Fargo’s security platform and each other’s effectiveness include:
- A real-time risk analysis by Bharosa with data integrated from Quova Inc. that determines whether a customer is signing on from his/her usual location or if someone is trying to fraudulently login from a different PC and location.
- A risk management system by Actimize Inc. that detects fraud by analyzing transaction and session behavior.
- One-time passwords for customers’ high dollar money movement applications, such as RSA Security’s RSA SecurID® two-factor authentication tokens for small business customers.
- Membership of the Symantec Phish Report Network, an extensive antifraud community where members collaborate to protect consumers and business from phishing threats. In addition, Wells Fargo works with Brandimensions to shut down phish sites.
- Support of a broad-reaching study with an independent research organization, Javelin Strategy & Research, as part of its overall effort to educate customers on the key issues and tools for combating identity theft and online fraud. The Javelin study adds an important body of understanding on customer attitudes and behaviors surrounding identity theft – the 5,000 respondents that contributed to this year's report represent the largest pool of nationally representative, phone-based consumer research done to date on the subject, seconded only by last year's study, which Wells Fargo also co-sponsored. (Source: Javelin Strategy & Research)