REDWOOD CITY, Calif. - Yodlee, Inc. and PassMark Security announced a strategic alliance to enable PassMark's two-factor/two-way authentication to seamlessly operate with all of Yodlee's aggregation-powered services. These include online bill pay and personal financial management. Several financial institutions have recently gone live with the PassMark System. According to a recent FDIC report, "electronic financial commerce requires a new and higher level of security, incorporating 1.) two-factor authentication, and 2.) e-mail and Web site authentication". According to Gartner, about 57 million Americans received phishing-attack e-mails last year."Financial Institutions are under a lot of pressure to increase online security," said Avivah Litan, vice president and research director at Gartner."Stronger authentication methods offer an effective and efficient way to combat phishing attacks and identity theft. By authenticating aggregation providers, it also ensures that consumers can still experience the convenience of consolidated personal account views and access while leveraging the stronger security protections." "Millions of consumers have come to rely on Yodlee's aggregation technology to manage their finances online," said Louie Gasparini, CTO at PassMark Security. "By working together, PassMark and Yodlee can ensure that consumers, and the financial providers who offer these services, can enjoy their use with renewed confidence that the strengthened security will guard against phishing and other forms of online fraud."
Yodlee Brings on Two Factor ID System
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