Comodo Case Studies Boiling Springs Savings Bank Enhances Customer Security with Comodo's SVT Technology

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	Boiling Springs Savings Bank Enhances Customer Security with Comodo's SVT Technology Comodo

Boiling Springs Savings Bank Enhances Customer Security with Comodo's SVT Technology

Comodo

Technology Category	Sensors - RFID Readers
Applicable Industries	Consumer Goods Finance & Insurance
Applicable Functions	Quality Assurance
Use Cases	Fraud Detection Tamper Detection
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. Read More
About 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. Read More
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. Read More Log in to view content
Contents

Technology Category

Sensors - RFID Readers

Applicable Industries

Consumer Goods

Finance & Insurance

Applicable Functions

Quality Assurance

Use Cases

Fraud Detection

Tamper Detection

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 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.

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.

Impact #1	The implementation of Comodo's SVT technology significantly enhanced the bank's online security, providing a clear, graphic indicator to customers that they were on the legitimate Boiling Springs Savings Bank website. This not only protected customers from divulging their sensitive information to fraudulent sites but also improved the bank's brand perception as a leader in customer care and security. Furthermore, the bank gained control over its logo and digital content, eliminating the risk of unlawful merchants trading on their brand equity. Overall, the solution helped maintain customer confidence and trust, crucial for the bank's online transactional revenue.

Impact #1

The implementation of Comodo's SVT technology significantly enhanced the bank's online security, providing a clear, graphic indicator to customers that they were on the legitimate Boiling Springs Savings Bank website. This not only protected customers from divulging their sensitive information to fraudulent sites but also improved the bank's brand perception as a leader in customer care and security. Furthermore, the bank gained control over its logo and digital content, eliminating the risk of unlawful merchants trading on their brand equity. Overall, the solution helped maintain customer confidence and trust, crucial for the bank's online transactional revenue.

Benefit #1	Reduced risk of the bank having to honor rates manipulated by hackers
Benefit #2	Decreased operational costs associated with online fraud
Benefit #3	Increased online transactional revenue due to improved customer confidence and trust

Benefit #1

Reduced risk of the bank having to honor rates manipulated by hackers

Benefit #2

Decreased operational costs associated with online fraud

Benefit #3

Increased online transactional revenue due to improved customer confidence and trust

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Overview

Boiling Springs Savings Bank Enhances Customer Security with Comodo's SVT Technology

Operational Impact

Quantitative Benefit