T. Rowe Price has implemented GeoTrust True Identity for authenticating the identities of new customers who are opening online accounts.
“Our customers want to be able to set up new accounts quickly and easily — and we want to ensure that the person setting up that account is indeed who they say they are,” said Mark Woods, vice president at T. Rowe Price Investment Technologies Inc. “GeoTrust’s True Identity allows us to quickly validate the identity of new customers, protecting their assets and our own. Another factor that led to our decision to select GeoTrust was that the system was easy to integrate into our own web portal environment.”
True Identity is a highly secure, automated, real-time authentication process that validates the identity of a consumer using multiple data sources. True Identity creates an environment where transactions cannot be repudiated. All information passed between the enterprise and True Identity is secured using client side authentication with a digital certificate issued by GeoTrust. In addition, the response that contains a user’s confidential information is signed by GeoTrust with a private signing key dedicated to the enterprise. Maintaining an archive of relevant information secures an audit trail to the transaction in the event of repudiation.
“T. Rowe Price should be lauded for taking a proactive approach to verifying the identity of its customers,” said Neal Creighton, CEO and co- founder of GeoTrust. “As much as we’d like to believe that all online users are honest and that user name and passwords provide sufficient security, we know that’s not the case. T. Rowe Price is setting a new standard for consumer identity protection, and for streamlining the account set-up process.”