Data-Loss Prevention Tool Live at CACU
The $1.6 billion institution based in Lenexa, Kan., is using the PacketSure appliance from Palisade Systems to monitor network traffic and prevent the unauthorized transmission of potentially compromising data, such as account numbers and other identifying information.
"We've been very impressed with the effectiveness of both the data loss prevention and URL filtering capacities of PacketSure, which continues to enable us to protect our members from potential data leak threats," said Rich Whyrick, network security manager at CACU.
"With recent news of high-profile data breaches across the financial industry, it is crucial that financial institutions take the proper steps to secure their networks and customer data," said Christian Renaud, CEO of Palisade Systems in Ames, Iowa.
OnPoint Signs Up for Verafin AML
OnPoint Community Credit Union of Portland, Ore., as become the 200th American credit union customer of a Canadian provider of antimoney laundering and fraud detection solutions.
The $2.8 billion institution will be using the BSA/AML compliance and fraud-detection tools from Verafin, a CUNA Strategic Services strategic alliance partner based in St. John's, Newfoundland.
The software will help the 15-branch OnPoint detect suspicious activity and comply with Bank Secrecy Act, PATRIOT Act and Red Flag rules and regulations, the company and credit union said.
Verafin said it uses a behavior-based AML system that replicates human reasoning to create member profiles and monitor transactions. Its products are now deployed at more than 400 banks and credit unions in the United States and Canada, the company said.
"It provides the complete package for AML and fraud detection and integrates easily with our core processing system," said Rob Stuart, OnPoint's president/CEO.
Share One Lands KECU
Share One said Kentucky Employees Credit Union will be converting next year to the Memphis-based company's core processing system.
KECU cited the need for streamlined workflow processes to improve member service, along with online easy system restores, among other factors, in its decision to convert to the NewSolutions platform from Share One.
The $46 million, 7,700-member KECU, based in Frankfort, currently is running on a Fiserv XP system, according to its 5300 Call Report at the NCUA.
The conversion is expected to take place in the first quarter of 2010, the company and credit union said. Share One now serves about 65 credit unions.
Open Solutions Offers Teller Line Authentication Tool to Reduce Fraud
A two-factor authentication system for use at the teller line has been rolled out by Open Solutions Inc.
The Veri-Fast solution requires members to swipe their ATM/debit card and enter their PIN number and then retrieves the relationship profile.
The company said that in addition to reducing fraud, Veri-Fast boosts service and efficiencies by automating the retrieval of accountholder files and eliminating teller keystrokes.
"Too often institutions recognize fraudulent activities after the loss has occurred. Having a two-factor authentication solution at the teller line provides financial institutions a first line of defense," said Dave Mitchell, senior vice president and chief marketing officer for Open Solutions in Glastonbury, Conn.
Veri-Fast is being offered to financial institutions that run on The Complete Credit Union and The Complete Banking Solution core applications and can be customized to integrate with other core platforms, the company said.