Payments Council and Accenture launch a customer authentication evaluation tool

22 Apr 2010

The Payments Council and Accenture (NYSE: ACN) have launched a new modelling tool to help banks and businesses select authentication technologies for secure customer interactions online.

The tool, which can be loaded onto your PC, identifies the best suited authentication option based upon the specified requirements and will help banks and businesses make sense of the sheer variety of customer authentication options on offer.

Richard Martin, Business Security Consultant of the Payments Council said: “With now over 60 percent of adults using the internet and phone for managing finances, it has become a way-of-life for customers looking for convenient, time-saving ways of carrying out their daily tasks. However, just as consumers are increasingly using these channels, so too are the fraudsters.

“Because there is no one-size fits all approach, we’ve developed a tool and detailed roadmap to identify the benefits, strengths and weaknesses of the vast majority of multi-factor authentication solutions available. We envisage our modelling tool continuing to evolve as it takes into account the growing choice of products, as well as the varied input from other industries.”

In conjunction with the launch of the modelling tool, a “Multi-Factor Authentication Security Review” that examines the current authentication debate was published. The review includes the results of a survey on authentication that covers such topics as the types of technology (i.e. devices) that are currently available and what makes a device effective or ineffective, how it can be graded; how the device can be used in conjunction with other technology solutions; and what the experts think.

Floris van den Dool, executive director for the Technology Consulting Security practice at Accenture in Europe, Africa and Latin America, said: “This review reflects comprehensive research and the deep knowledge of experts. We’re confident that the new technology assessment tool and accompanying research will leave banks and businesses better equipped to tackle the security challenges posed by authentication.”

The tool, along with the detailed ‘Multi-Factor Authentication Security Review’ is available for purchase from press@ukpayments.org.uk at a cost of £500.

ENDS


For further information, contact the press office on 020 7711 6316 or press@ukpayments.org.uk.

NOTE TO EDITORS
Many banks have introduced some form of two-factor authentication*, as a method of customer authentication. *‘Two-factor authentication’, involves customers using a combination of techniques to access a secure service, typically involving “something you know” such as a password or PIN, and “something you have” such as a Chip & PIN card or a dongle. Together they enable the user to establish a controlled, secure environment with the bank or any other business where authentication of the user is important. An example of a single-factor authentication method is username and password security.

About the Payments Council
The Payments Council is the organisation that sets strategy for UK payments. It has been established to ensure that UK payment systems and services meet the need of users, payment service providers and the wider economy. The Payments Council has three core objectives: to have a strategic vision for payments and lead the future development of co-operative payment services in the UK; to ensure payment systems are open, accountable and transparent; and to ensure the operational efficiency, effectiveness and integrity of payment services in the UK. The Payments Council is a membership organisation funded by its members, with an independent chairman. It was set up in March 2007 and currently has 28 members; on the Board sit 11 banking representatives and four independent Directors as well as the chairman. Those four Directors can collectively exercise a veto over Board decisions. The principal UK payment schemes – Bacs, CHAPS and Cheque & Credit Clearing Companies, LINK Scheme as well as the UK Domestic Cheque Guarantee Card Scheme, the Belfast Bankers' Clearing Company Limited and the Currency Clearings – have entered into a contract with the Payments Council which sets out their respective rights and duties towards each other. Under the contract, schemes are required to report regularly to the Payments Council Board: the Board is able to make decisions that are binding on scheme members in order to implement its strategy. Payments Council also has 11 associate members.

About Accenture
Accenture is a global management consulting, technology services and outsourcing company, with more than 181,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$21.58 billion for the fiscal year ended Aug. 31, 2009. Its home page is www.accenture.com.