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Q2 ebanking helps CUs meet new FFIEC guidelines
AUSTIN, Texas (7/1/11)--Q2ebanking (Q2), an electronic banking provider for community financial institutions, said its clients are well-positioned to meet the revised Federal Financial Institution Examination Council (FFIEC) guidance for the security of electronic banking activities. The guidance, a supplement to the FFIEC’s 2005 “Authentication in an Internet Banking Environment,” was issued on Tuesday to address legal and technology changes, increasing fraud incidents and new authentication technologies. The guidance applies to both retail and commercial customers/members and will take effect in January. While it focuses on the Internet delivery channel, the principles apply to all forms of electronic banking, including mobile and voice, said Q2. Specific areas to improve risk and risk management techniques include multifactor authentication, layered security and/or other controls calculated to appropriately assess and mitigate risk. “More than two years ago Q2 looked at the FFIEC guidelines established in 2005, as well as the industry response,” said Matt Flake, Q2ebanking president. “We thought further efforts were necessary to effectively deter risk and fraud to protect end users. With this in mind, Q2 began making the functional investments to take online security to the next level.” Q2ebanking’s platform of online, voice and mobile banking solutions operates on a single security foundation. The collaborative multichannel approach helps its clients comply with the new, updated guidance, the company said. Q2’s risk and fraud analytics solution models typical transaction behavior to detect and flag potentially fraudulent transactions in real time. The security features comply with guidance by offering native out-of-band transaction authentication, security alerts, full administrative controls with dual authorization and multi-factor authentication and VeriSign tokens to protect consumer and commercial transactions.


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