Technology Credit Union said it has implemented PassMark Security's Two-Factor Two-Way Authentication and converted 100% of its 30,000 online banking users to the new system. The goal is to provide members with a more secure online login to prevent phishing, key logging and other online fraud. Tech CU pointed to a Federal Trade Commission report showing close to 44,000 Californians fell prey to identity fraud just in the past year. "We are acutely aware of the large number of incidences of online fraud and identity theft and the inadequacy of password protection for online transactions," said Michael Luckin, SVP-Delivery Systems at TCU.
The PassMark system provides secure two-factor authentication and anti-fraud filtering with a unique approach. By remotely identifying individual computers, it achieves two-factor security without requiring the user to have or carry any new tokens, cards or readers, the credit union reported. In addition, each Tech CU member was given a secret PassMark - onsisting of a small image and a phrase created by the member-that Tech CU will subsequently display to the member during log in. This is Tech CU's assurance to its members that they have reached the legitimate Tech CU Online Banking website and not a site "spoofed" to look like the credit union's.
