FFIEC News

PFPC Offers Advanced Online Security Services

(Nov 14, 2007)-- PFPC, a member of The PNC Financial Services Group, announced that it now offers multifactor authentication in its Internet-delivered service portals for the global investment industry. Multifactor authentication adds one or more levels of protection to PFPC's existing layered defense approach with two general benefits: to protect corporate information and individual shareholder identity, and to authenticate both the site and the person who is attempting to access the site. PFPC has converted all current retail and institutional client applications to this adaptive software which applies these additional security layers at logon.

An integrated online fraud database tracks and analyzes geographic location, connection data and user missteps to provide immediate interventions based on risks associated with completing certain transactions. Unless established criteria are met, access will be denied or a transaction will not be processed.

Our clients deal with sensitive data and a wide variety of funds in a complex virtual environment
"Our clients deal with sensitive data and a wide variety of funds in a complex virtual environment," said Tom Woislaw, chief information officer, PFPC. "Through our logon security, we can help to ensure that not only is this data effectively guarded against online risks, but investor information is protected as well. Working closely with PNC, we were able to harness the same technology that guards against fraud and identity theft within the banking space and integrate it into our own systems for the benefit of fund firms. As we progress with our strategy to provide enhanced information services, we are equally focused on preserving the security of this data."

Upon account creation, an owner selects several security questions that only he/she can answer, and at least one phone number for direct contact when trading online. The account owner will be automatically prompted to answer the questions if he/she enters incorrect logon information or requests to change logon information. The security questions may also be invoked if the owner's IP (internet protocol) address changes in an unexpected manner.

An additional security measure offers firms the option to use a personally meaningful image and caption (watermark) at logon. Account owners select an image and type a brief caption to describe the image. The personal security image and caption will appear at each logon prior to the password request, informing the owner that he/she is at the legitimate site and it is safe to proceed.

PFPC's authentication services are fully compliant with the October 2005 Federal Financial Institution Examination Council (FFIEC) guidance, Authentication in an Internet Banking Environment.

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