Covelight, Tricipher Team

CARY, N.C. and SAN MATEO, Calif. -- Covelight Systems, an innovator of solutions for real-time identity-based monitoring of Web applications to detect fraud and identity theft, and TriCipher, a leading provider of Future Proof Risk Based Authentication solutions, today announced a strategic partnership to deliver a fully integrated, non-intrusive fraud detection and multi-factor authentication system with implementation in just 30 days. The combined solution leverages best-of-breed technologies to enable financial institutions to meet the upcoming FFIEC deadline with robust multi-factor authentication and fraud management. The joint solution matches authentication strength to the risk level of specific transactions, providing a comprehensive approach that truly protects online financial services websites and the people that use them.

“Financial institutions require both back end and front end protections to ensure the integrity of web-based transactions,” said Covelight CEO Spencer Snedecor. “Covelight Percept™ is a field-proven fraud management solution that has been successfully deployed in leading financial institutions since 2004. By integrating Percept with TriCipher Armored Credential System (TACS), we are combining two proven products to give banks what they need — a best-in-class solution for protecting against online fraud.”

This collaboration provides an alternative to product suites from a single vendor that may compromise functionality, fast implementation or long term protection. Combining Covelight and TriCipher’s domain expertise in their respective fields results in a solution that captures the rich functionality and innovation associated with best-in-class products. Moving forward each will continue to develop their core technology, unconstrained by the platform, technology or interoperability limitations often associated with suite offerings.

Financial institutions are searching for a solid way to prevent fraud — both to comply with FFIEC guidance and to prevent loss and damage to their reputations. Together, Covelight and TriCipher provide a fully integrated, highly secure solution that not only reduces the occurrence of online fraud, but builds confidence and trust for end-users, allowing banks to continue to grow online channels.

“Banks should treat the initial login as a high-risk transaction and use multifactor authentication for all online account access,” said TowerGroup analyst George Tubin. “Because no authentication approach is 100% effective, session monitoring is an approach that can potentially detect fraud by identifying behaviors that typically lead to fraud (e.g., login, change password, set up new bill payee, make payment to new bill payee, logout) or behavior that is uncharacteristic for a specific user based on the individual’s transaction history.”

Covelight Systems Inc.

TriCipher Inc.