What Biometrics Can Do for Your Credit Union’s Security Strategy

Woman with fingerprint scanningIf you feel like there is always another security measure you need to consider, you’re right and this reality is actually a very good thing. The security landscape is indeed continuously changing and evolving.

You must constantly evaluate and revaluate your security processes because one single solution to satisfy all of your security concerns and needs does not exist.  Consequently, it’s wise to employ a multi-factor security (MFA) strategy.

Chris Amador, Product Owner with Q2, talked about the balancing act that your credit union faces when implementing biometrics solutions, in our recent webinar, “Biometrics: Enhancing Member Experience & Security.” He spoke about the challenges your credit union faces with providing secured online and mobile channels that guarantee compliance with regulations and deliver a satisfying experience for your members.

Watch Biometrics: Enhancing Member Experience & Security


We’re sharing some key highlights from the webinar and encourage you to watch the complete presentation where Chris shares timely insights on:

  • The different types of biometric solutions currently used within the financial services industry
  • What true multi-factor authentication (MFA) means and why the “third factor” is difficult to solve
  • The preferred biometric solution for online use among consumers
  • Barriers you need to consider when implementing biometrics features
  • How to evaluate whether or not your membership is ready to accept this technology

What is a True Multi-Factor Security Strategy?

A true multi-factor authentication (MFA) security strategy should include three key factors:

  • Something I “have” (e.g., your member’s laptop or mobile device like a tablet or a smartphone)
  • Something I “know” (e.g., your member’s user ID and password, pin, account number, or knowledge based questions)
  • Something I “am” (e.g., your member’s biometric data, a physical or behavioral attribute unique to your individual member)

You and your members are familiar with the “something I have” and “something I know” categories,  but those two factors alone have limitations in today’s complex security environment.

The physical devices your members use, whether it’s a laptop, a tablet, or a smartphone were considered as an integral layer of security, but this is no longer thought to be true because these devices can be stolen. And, due to the rise of social media, your members may post all sorts of information that can be used by fraudsters to determine the correct answers to security questions. As an example, online quizzes on social media (e.g., Buzz Feed) can be used as tools for fraudsters to phish for information.

The “something I have” category is only available through the implementation of biometrics. Biometrics are an effective third-factor in a MFA security offering for your members because they utilize something fraudsters can’t duplicate, the unique personal and physical identifiers of your members.

It’s important to consider and assess to what degree your members will be comfortable and willing to adopt biometric security measures. Continue advancing your knowledge about these options and the biometrics landscape, by watching “Biometrics: Enhancing Member Experience & Security.

Q2 Online and Mobile Banking

Q2 is the NAFCU Services Preferred Partner for a single platform virtual banking solution, including online and mobile. Learn more about Q2 by visiting www.nafcu.org/Q2.

Best of NAFCU’s 48th Annual Conference and Solutions Expo (Video and Educational Highlights)

Credit union leaders from around the country gathered to network and discuss the most pressing issues impacting the industry during NAFCU’s 48th Annual Conference and Solutions Expo in Montreal, Canada. The conference was NAFCU’s largest event in nearly a decade.

Here’s a quick video of some highlights from this year’s conference:


During the conference, attendees heard from NAFCU management and leading industry professionals that included keynote conference speakers such as TrendHunter.com Founder and CEO Jeremy Gutsche, and MasterCard’s General Counsel and Chief Franchise Officer Tim Murphy.

Solutions Expo at the NAFCU 48th Annual ConferenceThis year’s conference included the annual Solutions Expo, spotlighting the latest technologies, applications, and resources available to help improve credit union operations.

Our Preferred Partners exhibited during the conference and shared their thought leadership, innovations, and solutions during educational sessions throughout the conference.

The complete list of sessions and available presentation slides are available on www.nafcu-annual.org. Here’s a quick listing of key topics presented during the conference to help your credit union grow, retain members, manage risks, protect members, and improve overall operations:

Topic Category Presentation Title Preferred Partner
Growth & Retention Building A Strong Payments Strategy Vantiv
Health Savings Accounts, IRAs and Millennials: A New Generation Presents New Opportunities  Ascensus
Using Credit Scores to Grow and Engage Membership VantageScore
Why Your Credit Union Should Offer Wealth Management Services to All Members Money Concepts
Risk & Security A Deep Dive Into EMV Implementation MasterCard
Cybersecurity Risk Mitigation: Protect Your Member Data Knowledge Consulting Group (KCG)
Top Ten Fraud Risks That Impact Your Financial Institution Allied Solutions
Uncovering the Faces of Fraud Q2
Using Moneyball Tactics and Risk Rating Assessment Models Wolters Kluwer Financial Services
Financial & Insurance Trends in the Retirement Plan Industry Pentegra Retirement Services

Thanks again to the 2015 Annual Conference signature sponsor MasterCard, our 5-star preferred partner sponsors Allied Solutions and Vantiv, and all of our partner sponsors, exhibitors, and speakers.

We’re looking forward to seeing you all at NAFCU’s 49th Annual Conference and Solutions Expo in Nashville (Music City) next year! Get more information, sign-up for updates on the latest conference details, and register by visiting www.nafcu-annual.org.

Top Innovative Solutions Recognized at NAFCU 48th Annual Conference and Solutions Expo

The winners of our annual Innovation Awards competition, recognizing outstanding innovations that help credit unions thrive, have been revealed! This year’s Innovation Award winners are preferred partners Insuritas, MasterCard, and Q2.

2015 Innovation Award Winners: Insuritas, MasterCard, Q2

“Our partners set a high standard for innovation geared toward driving credit union success,” said Randy Salser, president of NAFCU Services. “This year’s winners provide innovative solutions that help credit unions stay competitive, while delivering exceptional member service.”

Insuritas for EasySTREET
EasySTREET is the first technology solution of its kind. It extracts data from a credit union’s core, its loan origination system, any credit union CRM or CIF platforms, and supplemental data from TransUnion or Lexis Nexis. It compiles a master auto or home insurance policy application on behalf of the member without ever bothering the member with questions. The technology then automatically solicits bids for auto and home insurance coverages from multiple insurance carriers in under 2 minutes. These prices are then compiled in a personalized email that is sent to the member. The member sees up to four bids from A-rated carriers, ranked by cost. For the first time, the credit union can actually do the insurance shopping for the member without ever bothering the member. For more information about Insuritas’ products and services, visit www.nafcu.org/Insuritas.

MasterCard for Identify Theft Resolution
The Identity Theft Resolution Benefit solution provides credit union members with the ability to monitor the “dark web” and receive tailored alerts about their personal information. Additionally, MasterCard offers free identity remediation services to members who are victims of identity theft. This service will provide more peace of mind to members and will help credit unions reduce cardholder attrition due to security concerns. MasterCard is the only payment network that provides a service like this to all U.S. cardholders. For more information about MasterCard’s products and services, visit www.nafcu.org/MasterCard.

 Q2 Holdings for the Q2platform
The Q2platform gives credit unions the ability to serve their members’ online and mobile banking needs via a single, secure virtual banking solution. While the Q2platform in and of itself is an innovation, perhaps the single most innovative attribute of the platform is its integrated, patent pending security component, RFA (Risk Fraud Analytics). By having a holistic view of end users’ activity, the behavioral profiling algorithms that undergird Q2’s RFA solution are able to build a comprehensive picture of a member’s virtual banking habits. This vital feature makes it far easier to detect anomalous behaviors that typically precede fraud and to stop suspect transactions in real-time—before any funds have been compromised. For more information about Q2’s products and services, visit www.nafcu.org/Q2.

Representatives from Insuritas, MasterCard, and Q2 accepted their awards on Tuesday, June 23rd at a private VIP reception at the Musée Grévin in Montréal.  Join us in congratulating this year’s innovation award winners!

For a complete schedule of conference events, visit www.nafcu-annual.org. For up-to-the-minute information on the conference, follow the #NAFCUAnnual hashtag on Twitter.

Competition Opens for Top Solutions Designed for Credit Union Success

Our annual competition, the Preferred Partner InnovaNAFCU Services Innovation Awards Sealtion Awards, recognizing outstanding innovations that help credit unions thrive in an increasingly saturated financial services market has opened for entries. Entries must be submitted by Tuesday, April 14, 2015.

This year’s solutions will be judged by a committee of industry trade journalists, credit union executives, and marketing professionals. Randy Smith of CUInsights.com, a leading source for connecting the credit union community to vital news and information, will be one of this year’s distinguished judges.

“Recognizing solutions that strengthen credit unions and satisfaction among their members provides incentive for others to innovate within the credit union space,” said Randy Smith, Co-founder and Publisher of CUInsight.com. “I’m excited about helping select this year’s winners to spotlight products and services that ensure the continued success of credit unions.”

Solutions will be evaluated using four major criteria: degree of innovation, impact on credit union (e.g., revenue enhancement, cost reduction), overall contribution to credit union success, and the competitive advantage provided for credit unions. This competition evaluates entries from NAFCU Services Preferred Partners. To earn the distinction of Preferred Partner, providers undergo an extensive qualification process. Last year’s innovation award winners were Allied Solutions; Burns-Fazzi, Brock; DDJ Myers; and Insuritas.

Since their inception, the Preferred Partner Innovation Awards have honored many partners who have leveraged the power of their resources to solve challenges in the credit union industry. Join us at NAFCU’s Annual Conference and Solutions Expo held in Montreal, Canada from June 23 – June 26, 2015 for the announcement of the 2015 award winners.

Congratulations to our 2014 Innovation Award Winners!

We all feel the strain of keeping up with the changing times.  Many credit union CEOs agree that attracting and retaining members is one of the top three challenges that credit unions face. In order to meet the ever-evolving needs of members, credit unions should rely on innovative solutions to add to their product portfolio. Innovation plays a crucial role in the credit union industry, which is why we recognize ingenuity and inventiveness  through the NAFCU Services  Innovation Awards. This year’s winners have created  outstanding innovations that help credit unions thrive in an increasingly saturated financial services market. They are:

Insuritas. The InsureNOW™ product was designed for credit unions with large member bases, big data CIF/CRM capabilities, and high member affinity levels. InsureNOW™ allows credit unions to provide highly customized, concierge-level insurance offers to their indirect borrowers at the very moment when the member intends to shop for insurance. The most innovative part of InsureNOW™ identifies insurance policy renewal dates for each member and generates targeted, automated pre-populated e-engagement communication to these indirect borrowers 30 days before their insurance policy renews.

DDJ Myers. The Board Performance Assessment was developed to meet the need to support credit union boards. The assessment is designed to guide boards in reaching their highest level of performance, and create a high standard of excellence between board and CEO, one of the most critical interactions within the credit union. The innovation lies in the assessment’s ability to make boards more cohesive and pinpoint critical areas where improvements could be made.

Burns-Fazzi, Brock. Their Executive Benefits Learning Series helps credit unions understand effective methods for executive compensation and benefits to help recruit, retain, and reward their executive team. Complex topics in executive benefits and compensation are broken down into tax, accounting, legal, regulatory compliance, funding, and administrative concepts allowing credit unions to increase their knowledge and gain free practical advice. The innovative series consists of monthly, free live webinars which are recorded and archived for future reference.

For a recap the of 2014 NAFCU-BFB Executive Compensation & Benefits Survey, register for this webinar on August 20.

Allied Solutions. UniTrac is a proprietary insurance tracking system that benefits credit unions by reducing the risk associated with collateralized loan portfolios. The tracking solution is completely workable online for credit unions through their client portal: CenterPoint. CenterPoint offers clients full access to insurance history and document images, letter notifications, customer service call notes, and claims. Lenders are able to view, work, print and download reports, submit claims, update required data fields and chat online with Allied representatives.

Join Sundeep Kapur as he discusses the future of credit unions in this week’s webinar.

A big thank you goes out to these companies and all of the other entries who continue to provide credit unions with innovative solutions that drive success.