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Credit union providers offer FFIEC compliance solutionsbr
EDISON, N.J. and TEANECK, N.J. (10/27/11)--Two credit union solutions providers are offering tools for for meeting the January Federal Financial Institutions Examinations Council (FFIEC) deadline for authentication of online accounts.

On June 28, the FFIEC issued a supplement to its "Authentication in an Internet Banking Environment," updating guidance which was originally issued in 2005. The purpose of the supplement is to reinforce the risk-management framework of the policy, and update the Agencies' expectations regarding customer authentication, layered security, or other controls in the increasingly hostile online banking environment.

Trace Security offers a free recorded webinar on the compliance requirements.

Trace Security is a CUNA Strategic Services provider.

The new guidelines emphasize the necessity for comprehensive risk assessments to be performed or reviewed each year, effective "layered security" for mitigating identified risks, and improved customer and employee awareness programs.

Among the issues covered in the Webinar:

  • Changes to the guidance since the 2005 revision;
  • How the new changes impact credit unions;
  • The new "Best Practice" standards;
  • The necessary steps you need to take to ensure compliance;
  • How to determine a compliance road map; and
  • What examiners will assess after the deadline;
For information of the Webinar, use the link.

Trace also provides a white paper, "What You Need to Know About the New FFIEC Guidance for 2012." This paper breaks down the specifics of the three key components described in the new guidance, plus provides several recommendations on how to best prepare to meet the new compliance standards before the January deadline.

StrikeForce Technologies Inc. and Veratad Technologies have formed a strategic partnership to offer financial institutions nationwide new tools

Veratad is provider of virtual identity verification and compliance solutions. StrikeForce provides solutions in prevention of online identity theft and data breaches for enterprise, financial institutions, government agencies and consumers.

Under the terms of the partnership, the two companies will work together to offer credit unions and banks a comprehensive approach to compliance and mitigation of fraud and identity theft risks.

The guidance outlines several authentication schemes and identifies components of a secure online banking implementation for which StrikeForce and Veratad offer solutions.
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