July 16, 2019
In late 2008, Bankstown City Credit Union members were the subject of online fraud; because of the EFT Code, the final liability for member losses was often with Bankstown City Credit Union. Even without knowledge of the origins of these attacks – spyware or Trojans – Bankstown City Credit Union knew the priority was to upgrade member protection. As online banking is a primary offering, Bankstown City Credit Union needed to find a solution fast.
Bankstown City Credit Union immediately implemented a second factor authentication program to protect its members when they log on. Despite these upgrades, online threats were not eliminated altogether; a compromised computer on the member’s end could defeat the security provided by the two-factor authentication process.
Enis Huseyin, IT Manager of Bankstown City Credit Union, comments, “We make member confidence and security a priority. We wanted to provide our members with protection from all angles, so we engaged ThreatMetrix* to add an extra layer of security.”
“ThreatMetrix gives our members the choice of a more proactive security solution to help protect them during online transactions.”
– Enis Huseyin, IT Manager, Bankstown City Credit Union
With a real-time, risk-based service, ThreatMetrix was able to address Bankstown City Credit Union’s fraud issues immediately. ThreatMetrix Client determines the security health of a member’s computer before a transaction begins, securing the device and preventing any malicious threats for the duration of the session.
Enis comments, “ThreatMetrix demonstrated how the product worked to our management and had a very reasonable cost structure. We were quick to get on board.” TrustDefender Client is a fully hosted solution that required minimal effort from Bankstown City Credit Union’s perspective – it simply made changes to its Internet banking login page and it was ready to go. After testing, members were ready to start using the security solution in less than a month.
Since implementing the software, Bankstown City Credit Union has been successful in protecting its members from online security threats. “ThreatMetrix understands Bankstown City Credit Union’s relationships with it members and has delivered a seamless solution for the Credit Union and its members. ThreatMetrix gives our members the choice of a more proactive security solution to help protect them during online transactions,” Enis comments.
“We’ve had members come in to the branch to thank us personally because they weren’t aware they had online security issues,” says Enis. “ThreatMetrix helps identify threats and keeps our members’ money safe.”
Enis rates ThreatMetrix highly for its security offering and recognizes that as a result of their successful partnership, Bankstown City Credit Union has experienced increased member confidence.
“We’ve had members come in to the branch to thank us personally because they weren’t aware they had online security issues … ThreatMetrix helps identify threats and keeps our members’ money safe.”
– Enis Huseyin, IT Manager, BankstownCity Credit Union