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ONLINE SECURITY
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If you use online or mobile banking, you will be interested to learn that six federal financial industry
regulators teamed up recently to make your accounts more secure. New supervisory guidance from the
Federal Financial Institutions Examination Council (FFIEC) will help our Credit Union strengthen its
vigilance and make sure that the person signing into your account is actually you. The supervisory guidance
is designed to make online transactions of virtually all types safer and more secure.
Online security begins with the authentication process, used to confirm that it is you, and not someone who
has stolen your identity. Authentication generally involves one or more basic factors:
- Some thing the user knows (e.g., password, PIN)
- Some thing the user has (e.g., ATM card, smart card)
- Some thing the user is (e.g., biometric characteristic, such as a fingerprint).
Single factor authentication uses one of these methods;
multi-factor authentication uses more than one, and
thus is considered a stronger fraud deterrent. When you
use your ATM, for example, you are utilizing multi-factor
authentication: factor number one is something you
have, your ATM card; factor number two is something
you know, your PIN.
To assure your online transactions are secure, Luso
Federal Credit Union uses both single and multi-factor
authentication, as well as additional "layered security"
measures when appropriate.
Whenever increased risk to your transaction security
might warrant it, our Credit Union will be able to
conduct additional verification procedures, or layers of
control, such as:
- Utilizing call-back (voice) verification, e-mail approval,
or cell phone-based identification.
- Employing member verification procedures, especially
when opening accounts online.
- Analyzing banking transactions to identify suspicious
patterns. For example, that could mean flagging a
transaction in which a member who normally pays
$10,000 a month to five different vendors suddenly
pays $100,000 to a completely new vendor.
- Establishing dollar limits that require manual
intervention to exceed a preset limit.
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