Online Security is Our Top Priority
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.
Understanding the Factors
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.