NCUA notified credit unions they need to enact a multi-factor authentication system for all high-risk financial transactions over the Internet by the end of the year.
Credit unions providing Internet-based services to members should complete a risk assessment of those products and services to determine whether they qualify as high-risk. High-risk transactions are defined as access to member information or the movement of funds to other parties. Single-factor authentication for high-risk transactions will no longer be adequate after the end of the year, NCUA said.
In addition, credit unions need to have policies and procedures in effect to detect and report unauthorized access of systems to law enforcement agencies. Credit unions also need a program to educate members on fraud prevention.
For info: www.ncua.gov.
