ThirdFactor | Ceelox system purports to solve wire transfer fraud issues

Tuesday, March 23, 2010

Ceelox, a developer of biometric security and encryption software solutions, has announced that its Ceelox ID Server Edition and Ceelox ID Online could serve as a simple solution to recent cases of wire transfer fraud occurring on networks compromised by hackers.

The announcement from Ceelox comes following the March notice dealing with fraud and wire tranfers released by the U.S. Department of Justice, the New York State Intelligence Office, New York State Police, the New York State Office of Homeland Security, the U.S. Secret Service, the Multi-State ISAC and the Financial Services ISAC.

In the notice, biometrics are specifically pointed out as a possible solution to unwanted wire transfer fraud when used in conjunction with a user name or password. Both the Ceelox ID Server Edition and Ceelox ID Online provide this two-factor authentication that would enable small to medium sized business and government agencies to better protect their financial information in the wake of a compromised network.

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Ceelox system purports to solve wire transfer fraud issues