For the past year, the University of Wisconsin Credit Union in Madison has been using software from Corillian Corp. to authenticate its online users during log-in and, to a limited extent, in the transaction stage. Eric Bangerter, the credit unions director of Internet services, said the software lets the financial institution profile users systems and online behavior and then challenge them to provide extra proof of their identity if any changes from the norm are detected. The credit union also plans to add a stronger out-of-band process, in which automated phone calls will be made to account holders if theres still reason to doubt their identity, Bangerter said.
Chad Graves, vice president of IT at Ent Federal Credit Union in Colorado Springs, said the FFIECs guidelines should be adequate for dealing with current threats such as phishing. But he said that Ent Federal may have to add transaction-level controls if it decides to support electronic clearinghouse or wire-transfer transactions.
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