WASHINGTON – The following are some key points culled from the FFIEC’s guidance on authenticating users online. NCUA is expected to release a Letter to CUs on the issue later this year. Secure password measures: * Six character passwords that are alpha-numeric can be more effective than the common four character passwords; * Restrict the use of automatic log-in features; * Establish strong procedures for disabling passwords; * Establish strong procedures for password resets by forcing a password change at the next log-on; * Review password exception reports; * Lock users out after five failed attempts to log-on to a system; * Terminate user connections after a specified interval of inactivity. Industry practice is generally not more than 20 to 30 minutes; * Incorporate mult-factor authentication for sensitive internal or high value systems; Ways to verify personal information online for account origination: * Positive Verification. Compare a user’s identity to a series of questions related to information from a trusted database (e.g., a reliable credit report). * Logical Verification. Ensure information provided by users is logically consistent (e.g., Do the telephone area code, ZIP code and street address match?). * Negative Verification. Application information can be compared against fraud databases to determine whether any of the information is associated with known incidents of fraudulent behavior.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.