Early Warning, a provider of fraud prevention and risk management solutions, said on Tuesday that it has signed a definitive agreement to acquire Authentify Inc., a provider of phone-based, multi-factor authentication solutions.
Founded in 1999, Chicago-based Authentify currently serves more than 1,200 financial institutions and e-commerce companies.
Owned and governed by five of the largest banks in the U.S., Early Warning provides risk management solutions to more than 1,100 financial institutions, government entities and payment companies.
The acquisition will enable Early Warning to offer its customers multi-factor authentication and the ability to integrate, manage and prioritize multiple digital channel authentication while improving the methods, via one platform, reducing fraud and risk consumer experience.
“As organizations strive to provide consumers with an online experience that is both seamless and secure, managing authentication factors and methods is crucial,” said Paul Finch, CEO of Early Warning. “With the acquisition of Authentify, Early Warning is well on its way to realizing its vision of providing both the powerful multi-faceted authentication needed today plus the advanced authentication needs of the future.”
“Guarding businesses and consumers from fraud is becoming more critical each day, and this acquisition represents two companies with a common objective uniting to reinforce that goal,” added Peter Tapling, CEO of Authentify.
Terms of the acquisition were not disclosed.