The CU Journal Daily
Wescom Creates Own Authentication
PASADENA, Calif.-Wescom CU has launched its own two-factor authentication system that it developed in-house.
The system was developed by Wescom Resources Group, the CU's CUSO. Introduction comes a week after Addison Avenue FCU was sued over its own internally developed authentication system (see related story, page 3).
With Wescom's system, members will be required to answer at least four security questions to access their accounts.
One of the features of Wescom's two-factor security protocol is its ability to block hackers from key logging, an illegal method where hackers can track keystrokes to learn passwords.
A second feature is that it does not require members to answer the additional security questions every time they log into their account.
Wescom will present security questions to members only when user activity is unusual; for example, using a different computer, logging in from a different country, or using a different Internet provider. An additional convenience feature is that members can answer security questions by clicking on a box rather than typing in an answer.
K of C FCU Gets New FOM Grant
HARRISBURG, Pa.-State regulators said they have approved a request from K of C FCU to convert to a state charter and have granted the $61-million credit union a community charter covering more than 3.5 million residents in greater Philadelphia, one of the largest field of membership grants ever.
The grant will allow the Philadelphia-based credit union to serve residents of Philadelphia, Bucks, Delaware and Montgomery counties.
The FOM grants are not as large as the two controversial community charters awarded Freedom CU and TruMark CU, which also included Chester County.
Both community charters were challenged unsuccessfully in the courts by the bankers.
Car Buyers Can Check Credit
ATLANTA-Equifax Inc. has teamed with AutoTrader.com to develop a system allowing car buyers to check their credit during the buying process.
The new AutoTrader.com Credit Center, which is powered by Equifax, will allow auto buyers to tap into information on how their credit impacts their buying ability.
The system will give consumers access to Equifax credit reports, which alerts consumers on changes to their credit score.
New CU Seeded In Hawaii
KAPOLEI, Hawaii-More than 50 native Hawaiian groups have raised $1.1 million in deposit pledges to form their own credit union, which would be the first credit union chartered in the state in more than five years.
The group, tentatively called the Prince Kuhio FCU, is aiming to raise about $3 million in pledges before submitting its application to NCUA.
The proposed field of membership would include the Association of Hawaiian Civic Clubs, comprised of 51 groups representing indigeneous people of Polynesian ancestry, and the Hawaiian Home Lands trust.
Fiserv Founder Plans His Exit
BROOKFIELD, Wis.-Fiserv founder Leslie Muma is slowly planning his departure from the financial conglomerate he built, 130 corporate acquisitions ago.
Muma retired as CEO earlier this year, and stepped down as chairman of the board, and is now poised to relinquish his board seat at the annual meeting in May.
Muma also sold of much of his stake in the company, according to records filed with the Securities and Exchange Commission. Over the past two years Muma has exercised more than 1.1 million options.
Those options were exercised at an average of $12.88 a share and the shares were sold for $39 each, earning him almost $30 million in profits.
As a result, Muma now holds fewer than one million Fiserv shares, less than 1% of the shares.
Muma created Fiserv with George Dalton in 1984 by merging their two companies, Sunshine State Systems and First Data Processing. Dalton left Fiserv in 1999 and has started several other companies since then.