Praxis Group uses two-factor authentication for transactions
Praxis Group, a financial advisory practice for both private and corporate customers, is using two-factor authentication as their operation moves from paper to digital. The previous system involved using paper documents to communicate transactions with financial institutions, but Praxis decided that the current system’s chance for document forgery was too high and they required switched to a secure electronic system.
To shore up security, Praxis chose to implement two-factor authentication requirements for signing and sealing documents. First is a biometric authentication designed to verify whether or not an associate is authorized to handle the transaction.
Following the authorization and creation of the financial document, the preparer uses CoSign, a digital signature system from Alternative Solutions, to digitally sign the document for future verification of authenticity. The two systems, biometric verification and digital signature, work with each other and are now helping Praxis achieve a paperless workflow. ![[end]](/resources/bullet/digitalidnews-4.gif)
