The White House is bringing down the hammer on fraudsters. This month, President Obama officially nominated Loretta Lynch to be his next attorney general – and she is TOUGH on cybercrime. In fact, one of her biggest cases was the prosecution of hackers who allegedly stole $45 million from ATMs throughout 27 countries in an enormous bank heist. A federal prosecutor in New York, Lynch is responsible for expanding her office’s leading national security practice into the area of cybersecurity. When Obama announced Lynch’s nomination at the White House, he gave her kudos for “aggressively” fighting illegal activities exploiting the Internet and other computer networks.
To boot, in October President Obama signed an executive order for “Improving the Security of Consumer Financial Transactions”. The order will require all credit cards issued to government employees and used for official purchases to be armed with Chip-and-PIN technology, which is more secure than Chip-and-signature technology that most issuers and merchants are adopting in compliance with EMV mandates imposed by the major card networks.
According to CardNotPresent, the “president said he was working with companies like American Express, Home Depot, Target, Visa, Walgreen’s and Walmart to ensure private sector action making Chip-and-PIN enabled terminals available everywhere.” With data breaches making headlines in recent years, mounting public pressure already prompted many companies to get on board with the transition to EMV to protect their customers, their assets and their reputations.
In conjunction with the above, a war against identity theft is being waged. The White House is seeking to enhance IdentityTheft.gov, to improve information sharing and coordination around fraud attacks, and to put on a cybersecurity and consumer-protection summit.
The President also put in a good word for multi-factor authentication. For online security, he’s called upon the National Security Council staff, the Office of Science and Technology Policy, and OMB to come up with a plan by early 2015 “to ensure that all agencies making personal data accessible to citizens through digital applications require the use of multiple factors of authentication and an effective identity proofing process.”
Enacomm is ready to answer this call with multi-factor authentication that utilizes voice biometrics and enables mobile knowledge-based authentication (KBA) to safeguard against fraud:
- eKBA (Enacomm Knowledge-Based Authentication) is the best mobile product available to help organizations authenticate their customers and activate their accounts in real-time. The perfect choice for fraud prevention, eKBA provides a non-intrusive, positive customer experience and is compliant with FFIEC guidance, the Federal Fair Credit Reporting Act, USA Patriot Act, and the Gramm-Leach-Bliley Act.
- Eva’s (Enacomm Voice Authentication) voice biometrics are proven methods of identification — perfect for multi-layered authentication systems. Utilization of voice biometrics is more reliable than fingerprinting and is used by government intelligence agencies worldwide. While PINs and other authentication data can be breached, a customer’s voice cannot be compromised or stolen.
Cybercrime has relentlessly challenged consumer confidence, private sector success and government patience. To learn how Enacomm can help your organization guard against fraud, reach out to us at 1-877-860-0025 or firstname.lastname@example.org.