Under the terms of the partnership, FIS will resell Arcot’s advanced online authentication and risk management solutions to combat the growing threat of fraud associated with internet transactions.
Nagy Moustafa, Vice Chairman, First Information Security, said:
“Information security is critical to providing efficient services within the public and private domains, which makes our partnership with Arcot Systems of immense significance regionally. The e-payment and software authentication solutions we will offer on behalf of Arcot will provide world-class online security techniques and tools for the region’s challenging business and economic environments.”
Jonathan Gill, Managing Director, Arcot EMEA, commented, “The growing adoption of online services for consumers, partners and employees in all sectors combined with the changing nature of internet threats, has heightened the importance of authenticating users and the need for robust online fraud protection. Customers are much more aware of the need for their personal and private information to be protected and many companies are responding by changing their practices to protect their corporate reputations. This is supported by an increasing amount of regulation to ensure companies provide appropriate security. Whilst passwords are convenient for customers, it is clear that they are no longer appropriate for securing access to many internet services. Security practices must be balanced with user convenience for them to be accepted and the security solutions that we are providing through FIS provide a unique combination of ease of use with high levels of security to overcome the growing threats faced by financial, government and enterprise organisations.”
Established in 1997, Arcot Systems Inc. provides online fraud prevention, strong authentication and edocument security services to over 70 million consumer, enterprise and e-commerce users worldwide. Organizations can deploy Arcot solutions from the internet or right on their premises to avail of the right balance of cost, convenience and strength. Arcot co-invented the landmark 3-D Secure protocol for online payment security with Visa.
First Information Security is a subsidiary of First Security Group, an organization founded in May 2004 by the 10 men who were responsible then for the establishment of Dubai’s Law Enforcement and Security infrastructure. The company intends to extend its market reach to Saudi Arabia, Qatar, Bahrain and Oman as part of its growth plans across the GCC and North African markets.
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