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FOR IMMEDIATE RELEASE
StrikeForce Technologies and Veratad
Technologies Form Strategic
Partnership
FOR IMMEDIATE RELEASE
EDISON, NJ and TEANECK, NJ- 10/19/11
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StrikeForce Technologies, Inc. (OTC.BB:
SFOR.OB -
News) and
Veratad Technologies, LLC
have
formed a strategic partnership to
offer financial institutions
nationwide the tools they need to
meet the upcoming January 2012 FFIEC
compliance deadline. Veratad is a
world class provider of Virtual
Identity Verification and compliance
Solutions and StrikeForce is an
innovator in the prevention of
online Identity Theft and Data
Breaches for enterprise, financial
institutions, government agencies
and consumers.
Under the terms of the
partnership, the two companies will
work together to offer banks, credit
unions and other financial
enterprises nationwide a
comprehensive approach to compliance
and mitigation of fraud and identity
theft risks. "We are excited about
this partnership with StrikeForce,"
said Veratad's Managing Director,
John Ahrens. "Mark Kay and I believe
that working together will
significantly enhance our ability to
assist financial institutions with
protecting their customers and
meeting their IT compliance
requirements."
On June 28, 2011, the FFIEC
issued a supplement to its
"Authentication in an Internet
Banking Environment," updating
guidance which was originally issued
in 2005. The purpose of the
supplement is to reinforce the
risk-management framework of the
policy, and update the Agencies'
expectations regarding customer
authentication, layered security, or
other controls in the increasingly
hostile online banking environment.
The Guidance outlines several
authentication schemes and
identifies components of a secure
online banking implementation for
which StrikeForce and Veratad
uniquely offer solutions.
"Financial institutions are
already required to know the
identity of a customer prior to
account origination for compliance
with Section 326 of the USA PATRIOT
Act," said Veratad's Ahrens. "This
new guidance regarding online
banking transactions recommends the
use of a Knowledge Based
Authentication (KBA) that delivers
'out-of-wallet' challenge questions.
These challenge questions are based
on historical information found in
publicly available databases and not
generally found in your wallet.
Veratad's IDMatch+PLUS
(SM)
Challenge Question solution can be
easily deployed by financial
institutions to satisfy this new
FFIEC requirement."
Two-factor authentication that is
aimed at mitigating transaction risk
is also the subject of this
guidance. Mark Kay, StrikeForce CEO,
said, "The guidance strongly
suggests that online transactions be
protected with Out-Of-Band
Authentication. StrikeForce's
Patented ProtectID® is an
'Out-of-Band' multi-factor
authentication platform designed to
authenticate individuals and
employees and/or perform transaction
verification in real-time. When you
couple this technology, our
GuardedID® keystroke encryption
product and Veratad's identity
verification and online compliance
tools, you hold all the keys
necessary to protect your customers
and assure compliance with this new
FFIEC guidance."
In addition to Out-of-Wallet
Questions, and StrikeForce's
Out-of-Band Authentication and
keystroke encryption solutions,
financial institution clients will
have access to Veratad's complete
suite of online compliance tools
that include Risk Assessment,
Business Continuity Planning,
Information Security, Internet
Banking Security Program, FACTA
Identity Theft Program and Vendor
Management solutions.
About SrikeForce Technologies,
Inc.:
StrikeForce Technologies, Inc. (www.strikeforcetech.com)
helps to prevent online identity
theft and data security breaches for
consumers, corporations, and
government agencies. It provides
powerful two-factor, 'Out-of-Band'
authentication and keystroke
encryption solutions. StrikeForce
Technologies, Inc. (OTC.BB) is
headquartered in Edison, N.J., and
can be reached at
www.strikeforcetech.com
or by
phone at (732) 661-9641 or toll-free
at (866) 787-4542.
About Veratad:
Veratad Technologies, LLC (www.veratad.com)
is a provider of both
online/real-time and batch Identity
Verification and Knowledge Based
Authentication Solutions for those
who conduct business on the Internet
or any business that needs to verify
an individual's age or identity. Its
verification solutions are designed
to verify an individual's identity
and/or age while protecting
sensitive personal data and
promoting a high level of consumer
privacy. Veratad is trusted by
companies large and small to provide
verifications of age and identity.
In addition, Veratad offers a full
suite of online IT Compliance Tools.
Its customers include some of the
world's most well known corporations
who use Veratad solutions to reduce
the risk of fraud, comply with
financial regulatory requirements,
provide a safer online experience
and act with a greater sense of
social responsibility. Veratad is
headquartered in Teaneck, New
Jersey. For more information contact
Tom Canfarotta: 201-510-6000 ext.
120 or by email at
tcanfarotta@veratad.com.
Safe Harbor Statement:
Matters discussed in this press
release contain forward-looking
statements within the meaning of the
Private Securities Litigation Reform
Act of 1995. When used in this press
release, the words "anticipate,"
"believe," "estimate," "may,"
"intend," "expect" and similar
expressions identify such
forward-looking statements. Actual
results, performance or achievements
could differ materially from those
contemplated, expressed or implied
by the forward-looking statements
contained herein. These
forward-looking statements are based
largely on the expectations of the
Company and are subject to a number
of risks and uncertainties. These
include, but are not limited to,
risks and uncertainties associated
with: the sales of the company's
identity protection software
products into various channels and
market sectors, the issuance of the
company's pending patent
application, and the impact of
economic, competitive and other
factors affecting the Company and
its operations, markets, product,
and distributor performance, the
impact on the national and local
economies resulting from terrorist
actions, and U.S. actions
subsequently; and other factors
detailed in reports filed by the
Company. |
