i-flex Solutions Partners with Bharosa to Offer its Banking Customers Uncompromising Protection Against Online Fraud

i-flex Solutions Ltd has announced that Bharosa and the Company on June 07, 2007 will collaborate to provide joint banking customers with advanced security solutions to combat the growing threat of consumer identity theft and fraud on the Internet. Bharosa will enable the Company to add real-time fraud detection and multiple forms of authentication security to its FLEXCUBE retail banking product. The joint solution will safeguard consumers' online identity and transactions against the latest forms of online threats, including phishing, spyware, and malicious computer bots.

As part of its security strategy, the Company will offer fraud detection and authentication capabilities from Bharosa to provide an enhanced security offering for its rapidly growing customer base as well as for customers of its outsourced offering through Financial Services Inc. (FSI). Bharosa, an award-winning, privately held Silicon Valley Company has quickly joined the ranks of the industries' largest security providers and is now securing over 25 million users in over 1,000 enterprises worldwide.

"i-flex strives to deliver the world-class performance, reliability and security banks require," said George Thomas, Vice President - Customer Fulfillment & Solution Architecture - of the Company. "By combining Bharosa's offering with our FLEXCUBE retail banking platform, we can enable a more robust, yet seamless protection against the most sophisticated fraud attacks."

Online identity fraud is plaguing many industries, with financial services one of the most targeted. The Federal Trade Commission estimates 4.7% of the U.S. population, or 10 million people, were victims of identity theft in the last year, with total losses of US$ 53 billion. Growing consumer awareness is having a negative impact on online banking. According to the Gartner Group research firm, approximately 33 million U.S. adults do not bank online because of security concerns.

Using the joint solution by Bharosa and the Company, institutions can defend against the latest fraud threats, including account takeover schemes and man-in-the-middle attacks to restore trust in Internet transactions and grow the online channel. The combined offering will utilize advanced authentication and fraud detection to score risk and alert organizations in real time to potential fraud threats. In addition, the joint solution enables Companies to employ a range of security options to meet diverse user requirements or upgrade to higher levels of protection as threats increase without reinvesting in infrastructure.

Source : Equity Bulls

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