Wells Fargo Bank said to improve online security
August 28, 2006
SAN FRANCISCO (BUSINESS WIRE) - Wells Fargo & Company
announced today new upgrades to its online security platform designed
to give customers and businesses even more protection in the fight
against Internet fraud.
"The fight against online fraud is a continuous and comprehensive
effort and an evolutionary process at Wells Fargo," said
Jim Smith, executive vice president of Wells Fargo's Internet
Channel and Products. "No one solution can solve the problem
of online security. We favor a layered security approach to protect
our most important assets: our customers."
As all banks will need to comply by year-end with the new Federal
Financial Institutions Examination Council (FFIEC) guidelines,
Wells Fargo is committed to meet and exceed them. Some of the
new technologies that complement Well Fargo's security platform
and each other's effectiveness include:
- A real-time risk analysis by Bharosa with data integrated from
Quova Inc. that determines whether a customer is signing on from
his/her usual location or if someone is trying to fraudulently
login from a different PC and location.
- A risk management system by Actimize Inc. that detects fraud
by analyzing transaction and session behavior.
- One-time passwords for customers' high dollar money movement
applications, such as RSA Security's RSA SecurID(R) two-factor
authentication tokens for small business customers.
"These are not the last of the upgrades," Smith said.
"They are additional enhancements to our security in an ever-changing
process to give the customer the utmost protection possible. Wells
Fargo relies on a vigilant and steadfast approach to online security
-- a layered approach and best-of-breed solutions -- to protect
customers' information and funds in a way that is seamless and
also does not inconvenience them."
Securely satisfying all of its customers' financial needs and
helping them succeed financially has always been at the cornerstone
of Wells Fargo's business. Smith said Wells Fargo stands behind
the security of all its online transactions -- consumers and businesses
-- with a 100% security guarantee -- even in the case of phishing,
key logging and pharming. More information about how the guarantee
works is available on Wells Fargo's Web site at www.wellsfargo.com.
Wells Fargo's Commercial Electronic Office(R) (CEO(R)) -- the
first of its kind single sign-on business portal -- has provided
two-factor authentication since 2000. The CEO is used by two thirds
of Wells Fargo's commercial banking customers and allows business
customers to conduct 50 kinds of transactions online, from making
loan payments to trading foreign exchange. In addition, Wells
Fargo was the first major bank to make its entire Web site 128-bit
encrypted, a system in place since November 2005.
Recognizing the need to help customers better protect themselves
from identity fraud, Wells Fargo offers convenient account alerts
delivered to customers' e-mail addresses. To help customers stay
on top of recent account activity, they may sign up to receive
specific alerts for checking, savings and credit card accounts,
e-mailed to up to three chosen addresses. In 2004, Wells Fargo
launched an intensive and ongoing public education campaign, BE
SAFE Online, to provide customers with up-to-date tips to prevent,
detect, and resolve fraud and identity theft. There is also a
12-question identity fraud safety quiz available on www.wellsfargo.com.
Additional commitments by Wells Fargo to help protect its customers
- Membership of the Symantec Phish Report Network, an extensive
antifraud community where members collaborate to protect consumers
and business from phishing threats. In addition, Wells Fargo works
with Brandimensions to shut down phish sites.
Support of a broad-reaching study with an independent research
organization, Javelin Strategy & Research, as part of its
overall effort to educate customers on the key issues and tools
for combating identity theft and online fraud. The Javelin study
adds an important body of understanding on customer attitudes
and behaviors surrounding identity theft -- the 5,000 respondents
that contributed to this year's report represent the largest pool
of nationally representative, phone-based consumer research done
to date on the subject, seconded only by last year's study, which
Wells Fargo also co-sponsored. (Source: Javelin Strategy &
- The improvements, with customer education and other layered
security controls, provide online customers with a high level
of protection. For more than 150 years, Wells Fargo has stood
as a symbol of strength and security, and managing authentication
and security for online customers has been a primary focus since
1995, when the company was the first to launch account access
on the Internet.
About Wells Fargo
Wells Fargo & Company is a diversified financial services
company with $500 billion in assets, providing banking, insurance,
investments, mortgage and consumer finance to more than 23 million
customers from more than 6,200 stores and the internet (wellsfargo.com)
across North America and elsewhere internationally. Wells Fargo
Bank, N.A. is the highest credit-rated bank in the U.S., receiving
an "Aaa" by Moody's Investors Service -- its top credit
rating -- and "AA+" by Standard & Poor's Ratings