Co-Op Network To Provide $2.3M To Assist With Triple DES
CO-OP Network said that it will distribute up to $2.3 million in Triple DES ATM compliance incentives to member credit unions. The one-time distribution is to help member credit unions meet the financial industry mandate that all ATMs use Triple DES (Data Encryption Standard) encryption systems by April 29, 2005.
Triple DES technology will replace the Single DES systems currently used by ATMs to protect user PIN numbers from fraudulent activity. Under CO-OP Network's "Triple DES Compliance Incentive Program," member credit unions will receive a distribution for each ATM that is certified to be Triple DES compliant by April 29, 2005.
The incentive, which applies to ATMs that are attached to an intercept processor or driven directly by CO-OP Network, requires that member credit unions submit proof of Triple DES certification to CO-OP Network prior to the April 29 deadline, the company reported.