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September 25, 2003
Guardian Implements Fingerprint I.D. Verification System For Secure Web Transactions
Guardian Implements Fingerprint I.D. Verification System For Secure Web Transactions
Firm Cites Enhanced Security, Efficiency as Main Benefits
NEW YORK, NY- September 25, 2003 - The Guardian Life Insurance Company of America today announced that its Group Pensions division has implemented an online security system that uses fingerprint scanners. The technology verifies that certain transactions performed over the Internet are being requested by an authorized employee of one of the many Third Party Administrators (TPAs) who work with The Guardian Advantage© group variable annuity.
"Passwords and PINs could be shared. A fingerprint can't be, and when it comes to participants' assets we can't take any chances," said Dennis Mosticchio, Vice President, Group Pensions, Guardian.
The new fingerprint authentication system helps protect the security of participants' accounts and eliminates a time-intensive process that requires Guardian to manually compare signatures on paper forms to those of authorized signatures on file. Certain transactions, including loan requests and withdrawals, must be authorized and submitted by TPAs on behalf of individual plan participants in The Guardian Advantage© retirement plans. The new process provides enhanced security by assuring that only authorized personnel are able to submit these transactions.
"We continually make enhancements to our I.T. infrastructure to assure that we are providing our clients and their plan participants with the best possible service," Mosticchio said. "This technology investment will yield better security and operational efficiencies that will allow us to better apply our resources to serving clients' needs."
Guardian will fund the cost of providing many of its TPA business partners across the United States with the required software and fingerprint scanners, which must be installed on the computers in their local offices.
The system was developed with BNX Systems, a provider of authentication management and single sign-on solutions for enterprise and Internet security. "A growing number of companies are realizing the value of incorporating conclusive identity verification into electronic transactions and processes," said Karl Ware, founder and EVP of BNX Systems. "When deployed strategically, strong user authentication heightens security while also improving efficiency and productivity."
About Guardian
The Guardian Advantage, a group variable annuity contract, is issued by The Guardian Insurance & Annuity Company, Inc. (GIAC), a Delaware Corporation whose principal place of business is 7 Hanover Square, New York, NY 10004. GIAC is a wholly owned subsidiary of The Guardian Life Insurance Company of America, New York, NY. For more information about the variable investment options offered under the Guardian Advantage, including charges and expenses, consult the fund prospectuses carefully before investing or sending money.
The Guardian Life Insurance Company of America, New York, NY (Guardian) is the fourth largest mutual life insurance company in the United States. As of December 31, 2002, Guardian and its subsidiaries had $34.1 billion in assets. Founded in 1860, Guardian is listed among Fortune magazine's top 300 businesses—and in 2003 was ranked once again as one of the top 10 most admired life and health companies in Fortune's "America's Most Admired Companies" list. With 5,500 employees, over 2,700 financial representatives and 100 agencies nationwide, Guardian and its subsidiaries protect individuals, businesses and their employees with life, disability, health and dental insurance products, and offer 401(k), mutual fund and annuity investment products, and trust services. More information on Guardian can be obtained at: www.glic.com.
About BNX Systems
BNX Systems develops identity management solutions for centrally managing and optimizing user authentication and sign-on processes, enabling enterprise organizations to increase security, enhance user convenience and reduce costs. The company's flagship product, the BNX Identity Management Suite, includes authentication and single sign-on products that provide the unified control necessary to implement secure user authentication and consolidated sign-on for client-server, legacy and Web-based applications. Recent industry accolades for the BNX product suite include Network Computing's "Well-Connected" and "Editor's Choice" awards and Network World's "World-Class" and "Best of the Tests" awards. Privately held, BNX Systems is headquartered in Vienna, VA, and is accessible via the Web at www.bnx.com.
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