Advanced Authentication

Q: What is Advanced Authentication?
A: Advanced Authentication is a new module to substantially increase security of the MSD Federal Credit Union On-Line Banking program including Cash Management and Bill Pay applications. This solution is intended to meet the guidance released in October 2005 by the Federal Financial Institutions Examination Council (FFIEC), which specifically states that financial institutions regulated by FFIEC agencies and the National Credit Union Association (NCUA) should move beyond single factor password authentication.

Q: Why did the MSDFCU introduce this new software?
A: Online security is something that the MSDFCU takes very seriously. We are committed to providing the most technologically advanced security options available to our members. Online ‘phishing’ and ‘pharming’ attacks have become the latest tools of fraudsters attempting to leverage technology to gain access to personal and private financial information. Fraudsters use information gained through various scams and match it with "phished" information to gain unauthorized access to consumer's data and accounts. By offering Advanced Authentication and other security enhancements the MSDFCU is taking an active role in helping our members to combat these emerging fraud techniques.

Q: What are the key features of Advanced Authentication? 
A: The Advanced Authentication solution provides Risk-based and Site-to-user authentication as part of its layered online security system:

  • Risk-Based Authentication. This is a behind-the-scenes technology that positively identifies a member’s computer and treats it as a credential, turning the computer into a reliable "second-factor" for authentication as required by the new guidelines. The system then continues to perform a comprehensive real-time risk assessment of each subsequent login and assigns a risk score based on the likelihood of that login being fraudulent. When an activity is deemed high-risk, the member may be challenged with a secondary form of authentication.
  • Site-to-user Authentication. This is a mechanism for inspiring member confidence in the online channel. This is achieved by ensuring members that they are transacting with the MSDFCU online banking website through the use of a personalized image and phrase that has been selected by the member and becomes the shared secret between the member and the MSDFCU. The member is instructed to enter his/her password after the MSDFCU has proven its authenticity by displaying the image and phrase, thus deflecting phishers from easily harvesting passwords.
  • The date for your increased security to begin has been tentatively scheduled for July 25, 2007. We will let you know immediately if the date changes!