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Boiling Springs Savings Bank Enhances Customer Security with Comodo's SVT Technology
Technology Category
- Sensors - RFID Readers
Applicable Industries
- Consumer Goods
- Finance & Insurance
Applicable Functions
- Quality Assurance
Use Cases
- Fraud Detection
- Tamper Detection
The Challenge
Boiling Springs Savings Bank, a financial institution with over $1 billion in assets, faced a significant challenge in protecting its customers from online fraud. With the rise of online banking, the bank and its customers were increasingly exposed to identity theft problems. Fraudulent or phishing sites often mimicked the bank's website, making it difficult for customers to distinguish between the authentic site and the fake ones. This issue was further exacerbated by the fact that 24% of consumers refused to conduct business online due to fear of online fraud, and 20% didn't open emails from financial institutions. Furthermore, 65% of consumers considered security protections as a key factor in their choice of bank. The bank needed a solution that would allow customers to verify the authenticity of its website and protect their sensitive information.
About The Customer
Boiling Springs Savings Bank is a local bank based in Rutherford, New Jersey, managing assets over $1 billion. The bank has been serving its community since 1939, with roots in banking dating back to the 1870s. Today, it is one of the area's largest savings banks, known for providing customers with a comfortable, friendly banking experience. However, with the rise of online banking, the bank faced the challenge of protecting its customers from online fraud, particularly from phishing sites that mimicked the bank's website. The bank needed a solution that would allow customers to verify the authenticity of its website and protect their sensitive information.
The Solution
To address this challenge, Boiling Springs Savings Bank implemented Comodo's SVT (See, Verify, Trust) technology. This innovative solution allows customers to verify the authenticity of the bank's website, distinguishing it from fraudulent sites. The core of the SVT technology is the Content Verification Certificate (CVC), a new type of digital certificate that provides high-level security for web page content. The bank applied CVCs to its logos, login boxes, and rate pages, binding the digitally protected content to a specific URL or IP address. Customers could then initiate the verification process using the Verification Engine (VE), a reader provided free by Comodo. Once installed, the reader would highlight the authenticated content in green, indicating the site's legitimacy. If no green highlight appeared, the customer would know they were on a fraudulent site.
Operational Impact
Quantitative Benefit
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