Top Authentication & Identification Methods to Protect Your Credit Union

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1 Top Authentication & Identification Methods to Protect Your Credit Union Presented on: Thursday, May 7, 2 3 ET Co presented by: Ann Davidson VP of Risk Consulting at Allied Solutions Tammy Behnke Credit Union Program Executive at ProSight Specialty Insurance Breakdown of Today s Session 1. Define authentication 2. Discuss who and what should be authenticated 3. Introduce recommended authentication measures to better protect your credit union 4. Share tips about hiring staff you can trust to help your credit union remain protected from theft and fraud 5. Open up the meeting for Q&A 1

2 What is authentication? Defining Authentication Authentication is the process of determining whether someone or something is, in fact, who or what he, she, or it is declared to be Multi-factor authentication is a method of requiring a user to accurately provide more than one form of information before giving access to the account The most commonly required forms of authentication include: Knowledge factors, such as password protection Possession factors, such as ATM cards Inherence factors, such as biometric methods Requiring more than one independent authentication makes it much more difficult for an individual to provide false credentials 2

3 Authentication & Phishing Account access may be given through phishing attacks if the only authentication layer your credit union has in place is password protection: From simple phishing attacks to sophisticated targeted spear phishing attacks, gaining access to members passwords is an easy access point for an attack Passwords are a known weak link and continue to be exploited at alarming rates Employees may inadvertently share passwords when responding to phishing attacks How do you authenticate employees and members? 3

4 FFIEC and Regulators Address Authentication FFIEC and other regulatory agencies are setting increasingly rigorous requirements for stronger authentication for users Multi-factor authentication is no longer strong enough to keep the bad guys out Who and What Needs to Be Authenticated? Who to Authenticate: New employees Existing employees New members Existing members conducting business What to Authenticate: Access to any systems or accounts that contain private information ALL transaction activity performed by an employee or member Remember! User credentials require stronger authentication - a username and password are the keys to the kingdom. 4

5 Biometrics Systems Passwords Tokens Signature Employee/Member Authentication Voice/Heat Pin Passcodes Challenge Questions Payment Card Authentication Signature PIN Biometrics Tokenization Encryption No signature or PIN Verified by Visa/MasterCard SecureCode EMV Contact and Contactless 5

6 Wire Authentication Authentication measures for protecting face-to-face or non face-toface wire requests: Call back to multiple phone numbers Agreed upon challenge question(s) Agreed upon dollar amount Verification of signature (using ID) Wire PIN or Passcode Account holder PIN or Passcode Authentication & Account Takeover Fraud Weak authentication methods can lead to easy access points for various types of account takeover fraud, like money mule scams Corporate accounts often targeted due to large balances and the availability of funds through ACH credit Layers to authenticate and identify the employee and member is key to helping prevent fraud Require system user authentication for members and employees Identifying the individual is key before sending out ACH funds Did You Know? Apple Pay has weak authentication to identify users at the front end, so it is up to the financial institution to have these authentication layers in place. 6

7 How can you ensure you are hiring trusted staff? Background Checks Performing background checks before hiring employees have the following benefits for your credit union: Reduce turnover Deter theft and embezzlement Prevent litigation over hiring practices Save money: it is cheaper to do a background check than it is to fire someone 7

8 Who Should Receive Background Checks? You should require background checks for: Vendors Outside contractors Anyone who works on your premises Did You Know? The Target Breach can be traced back to an HVAC contractor. Background checks should include: Criminal history Civil history Driver s license Education verification Employment verification Retaining Honest Employees Aside from performing the initial background check, ensure your employees remain trusted through the following mechanisms: New hire training Policies and procedures Strong internal controls Separation of duties Access controls Authorization controls Code of conduct Discipline for violations Annual training Acknowledgements each and every time Lead by example Create and maintain an ethical culture 8

9 Retaining Honest Employees, Continued Positive Work Environment Established policies and procedures Fair employment practices Written job descriptions Clear organizational structure Open lines of communication Employee recognition Vacation requirement Anonymous Reporting System Employees, vendors, and customers Investigate everything Increase perception of detection always be seeking out information concerning internal theft Audits CPA and Supervisory Internal including surprise Summary and Key Takeaways 9

10 Key Takeaways of Today s Session 1. Establishing layers to authenticate and identify the employee and member is key to helping prevent fraud. 2. Requiring more than one form of authentication makes it much more difficult for an individual to provide false credentials knowledge factors, possession factors, and inherence factors. 3. Authentication should be required for employees and members for all transaction activity performed and for access to anything that contains personal information. 4. Perform background checks prior to hiring staff, vendors, or outside contractors to ensure they can be trusted to protect private member or organizational information. Q&A Session Education and awareness is key to our success! Therefore, if you have any remaining questions about authentication and background checks, please ask them now! 10

11 Contact Information To find out more about the risk prevention and bond products Allied Solutions and ProSight Specialty Insurance offer to credit unions, contact your Allied Representative or: Patrick Touhey Senior Vice President of Bond Allied Solutions, LLC To ask additional questions about authentication and background checks that were not addressed today, contact either of today s co-presenters: Ann D. Davidson Vice President of Risk Consulting Allied Solutions, LLC Tammy Behnke Credit Union Program Executive ProSight Specialty Insurance 11

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