Steps To Take To Protect The Credit Union
SAN ANTONIO-To better protect themselves and member accounts from online threats, CUNA Mutual's Ken Otsuka urged credit unions to implement the following:
• Stronger two-factor authentication method, rather than the common method of computer recognition (using cookies) combined with challenge questions.
• Out-of-band authentication (e.g., by telephone) to authenticate members through a separate communication channel.
• Fraud detection tools to monitor user access behavior and individual transactions.
• Out-of-band transaction verification for large dollar transfers.
Otsuka recommended CUs visit CUNA Mutual's Protection Resource Center at www.cunamutual.com to access several white papers in the site's Loss Prevention Library that can help credit unions identify risks associated with offering various services to business members along with important loss controls.