MADISON, Wis. (10/15/12)--When creating a password, consumers are faced with requests for uppercase, lowercase, at least one number, non-numerical symbol, more than seven letters. Overwhelmed, they often use the same password across many accounts and websites.
Add the continuing threats of identity theft, and the need for identity management and authentication increases. To help credit unions improve both the security of online transactions and member interactions, CUNA Strategic Services Inc., (CSS) has added a new alliance provider--OneID. The strategic alliance can assist credit unions as they work to develop better identity management and authentication.
"Between preventing fraud and managing all-encompassing online identities, OneID gives credit unions a tool to build loyalty and heighten their reputation with members," said Wes Millar, CSS senior vice president.
OneID is a digital identity solution that replaces user names and passwords with a single digital ID linked to the end user's computers and mobile devices and secured by NSA-level encryption. With OneID, credit unions are able to automatically recognize their members and provide access to accounts. OneID also gives members and credit unions broad controls to limit transactions or require additional verification. In addition, OneID assists credit unions with compliance guidelines from the Federal Financial Institutions Examination Council (FFIEC) regarding multi-factor authentication.
"OneID can help credit unions reduce their losses in card-not-present transactions and eliminate password phishing and other risks associated with password-based authentication," Millar added.
"CUNA Strategic Services plays a vital role in its community by evaluating and certifying new technologies that will help credit unions save money, meet regulatory standards, and enhance member relationships," said Alex Doll, CEO of OneID. "We're honored our digital identity solution satisfies their rigorous standards and we can begin working with credit unions to improve the security and experience of member interactions."