VALLEY FORGE, Pa. — In a move that was an easy transition on its members, the $1.3 billion Educational Employees Credit Union became the first client to utilize USERS Incorporated's new Multi-Factor Authentication feature embedded in its Internet banking suite. The MFA technology is designed to help credit unions reduce risk and comply with guidance from the Federal Financial Institutions Examination Council (FFIEC) regarding member authentication.
USERS' PCU Internet Banking employs forensic and risk-based technology that authenticates a member's identity by automatically generating a profile of the member's PC and geo-location during login. The simplicity and convenience appealed to Educational Employees CU, Fresno, Calif., since it handles an average of 46,000 transactions and 1.5 million inquiries online each month.
Members were not required to load special software or carry a device to access their accounts–just a couple of reasons why the credit union decided to go with USERS' MFA feature, said Michelle Forster, e-commerce manager at Educational Employees CU. The credit union evaluated other MFA approaches, such as tokens and password cards, but thought they might deter home banking use, she added.
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Educational Employees launched the MFA feature with its 49,000 home banking users in late October. More than 59% had enrolled in just the first two weeks, with a small percentage contacting the credit union with questions. The CU said an aggressive member communication campaign helped to prepare the membership and minimize questions or concerns.
USERS is a business unit of Fiserv Inc.
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