The Wayback Machine - https://web.archive.org/all/20041207050104/http://www.entrust.com:80/news/2004/archive2004_6055.htm
Login | Support | Help | Contact Us

About Entrust
2004

16 Nov 2004

Entrust Joins Financial Services Technology Consortium Counter Phishing Project


Working with other Financial Services Firms, Entrust Pledges to Combat On-Line Identity Theft with Innovative, Real-World Solutions


DALLAS – Entrust, Inc. [NASDAQ: ENTU], a world-leading provider of Identity and Access Management solutions, today announced that the Company has joined the Financial Services Technology Consortium (FSTC) in order to promote and advance the organization’s Counter-Phishing Project. FSTC is a consortium of leading North American-based financial institutions, technology vendors, independent research organizations, and government agencies focused on driving forward interoperable, open-standard technologies that provide critical infrastructures for the financial services industry.

In a recent survey sponsored by Entrust, 80 percent of on-line users indicated that they are concerned with the security of their on-line identity. The results showed a compelling business imperative to address this issue with 72 percent of users who do not currently bank online indicating they would consider doing so if the security of their on-line identities were better protected. Furthermore, 65 percent of respondents said that the protection of their identity would influence their selection of the bank with whom they deal.

FSTC is focused on defining technical and operating requirements of financial institutions for counter-phishing measures. This includes clarifying the infrastructure fit, requirements, and impact of technologies when deployed in concert with customer education, enforcement, and other industry initiatives.

"We are pleased to welcome Entrust as the newest FSTC member and part of the FSTC’s counter-phishing initiative," said Zachary Tumin, Executive Director of FSTC. "Entrust brings to the table over ten years of secure identity management expertise, and has a proven track record for achieving and promoting strong industry and government security requirements.”

In a recent report*, Gartner notes that "phishing" attacks have risen dramatically in the past year and are beginning to significantly undermine consumers' trust in online commerce. Banks and other companies that greatly depend on online consumer sales and services must act quickly to provide more-secure services to prevent slowing growth of online commerce.

“There is a clear need for the industry to come together to combat identity theft and fraud. Unabated, this represents one of the most significant threats to continued growth of on-line services,” said Chris Voice, Vice President, Secure Identity Management at Entrust. “FSTC’s Counter-Phishing Project is committed to promoting the necessary technologies and standards to help protect institutions and consumers alike.  By working together with industry leaders in the financial services industry, we can come up with real-world solutions for combating on-line Identity Theft.”

Both Entrust and FSTC will be at the BAI Retail Delivery Conference in Las Vegas from November 15th to November 18th to continue the on-going dialogue on security strategies. Entrust will be presenting information about the Entrust IdentityGuard™ system, its recently announced authentication solution that provides secure, cost effective defense against on-line identity theft. For more information, visit: http://www.entrust.com/events/bai.htm

For more information about the Entrust Internet Security Survey, please visit http://www.entrust.com/news/2004/archive2004_6026.htm, and watch the on-demand webinar at http://www.entrust.com/events/identityguard.htm?entsrc=ig_minitheme_index.

About FSTC
FSTC is a financial industry research organization comprised of banks, financial service firms, industry partners, national laboratories, universities and government agencies. Its goal is to bring forward interoperable, open-standard technologies for the financial services industry that makes possible new products and services. FSTC projects push the envelope of financial services technology, focusing on areas where industry collaboration is possible, and needed, to enable new products, reduce costs and risk, or expand market reach. FSTC provides a unique forum for financial institutions and vendors to work together on taking ideas from concept to pilot to the marketplace. For more information, visit www.fstc.org

* Source: Gartner "Catching Phishers Requires More than Bait", Avivah Litan & John Pescatore, June 8, 2004

For more information about this press release please contact us.


Entrust is a registered trademark of Entrust, Inc. in the United States and certain other countries. Entrust is a registered trademark of Entrust Limited in Canada. All other Entrust product names and service names are trademarks or registered trademarks of Entrust, Inc or Entrust Limited. All other company and product names are trademarks or registered trademarks of their respective owners.

Site Map | Privacy Statement | Legal

Copyright 2004 Entrust. All rights reserved.