Tuesday, May 20, 2008 Single-factor authentication (the use of only a password) is no longer deemed sufficient by the Federal Financial Examination Council if the transaction is considered to be high risk. To ensure your credit union?s online banking systems are up to date, Synergent offers two options of Multi-Factor Authentication. Multi-Factor Authentication by RSA/Cyota, and True Factor Authentication by Trust Data Solutions.
Multi-Factor Authentication by RSA/Cyota, a leading provider of fraud and security solutions, identifies members at login based on username, password, behavior, and device profile. "One of the primary advantages that this product offers is user profiling. This system collects such information as IP addresses of the computer that was used to perform transactions," explained Dale McElhaney, Account Relations Executive. Implementation through three phases ensures security that will reduce financial loss and reputation damage inflicted by fraud. In the member enrollment phase, the member selects a username to use at login. The
information-gathering phase then collects information about the member's login habits. The system then prompts the member to set up and answer three security questions In the live phase, any login that is deemed suspicious by the RSA/Cyota decision engine is challenged by requiring the individual attempting to log in to answer one or more of the security questions to verify identity.
Synergent's latest authentication offering, True Factor Authentication, is an affordable, layered login system that protects members utilizing online accounts by adding two new, comprehensive levels of security when members log in. Upon registering, the member selects an image and phrase that will always appear together when they log in. The member will then be able to immediately determine if the connection is secure each time they access their account. The member sets up and provides answers to three security questions. One of these questions will also be posed each time the member logs in.
"This was one of the easiest products we have ever implemented. Synergent worked with us at every turn and kept us well informed pertaining to issues and start up dates. They were also there to answer questions members might have and to correct any issues that came up. This is a great product and one that is easy to implement, operate and one that members appreciate," said Ralph Ferland, President/CEO of EMMC FCU in Bangor, ME.
For more information on these solutions, please contact Dale McElhaney at dmcelhaney@synergentcorp.com, or 1-800-442-6715 ext. 228.
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