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Posted June 14, 2012
TrustDefender ID and TrustDefender Cloud Provide a One-Two Punch to Help Patelco Meet FFIEC Banking Guidelines
San Jose, CA – June 14, 2012 – ThreatMetrix™, the fastest-growing provider of integrated cybercrime prevention solutions, today announced that Patelco Credit Union, one of the largest credit unions in the nation and the fifth largest in California, has selected ThreatMetrix to fight online fraud and malware, meeting the Federal Financial Institutions Examination Council (FFIEC) banking guidance and protecting their members.
Patelco selected the TrustDefender™ ID and TrustDefender™ Cloud solutions for comprehensive cybersecurity protection. TrustDefender ID is a SaaS-based, real-time device identification and identity verification solution that protects financial institutions against cybercriminals and helps validate returning customers and prospects. TrustDefender Cloud detects man-in-the-browser (MitB) attacks and Trojans targeting customers’ devices while providing banks and credit unions with insight into which customers have compromised devices.
“We selected TrustDefender ID because we felt that it was a superior product to competitive offerings and allowed us to authenticate and profile devices – such as computers, smartphones or tablets – with or without cookies installed,” said Anthony Vitale, vice president, information technology, Patelco Credit Union. “We were able to do a quick installation on our own and integrate it into our existing systems without interrupting the customer experience. With TrustDefender ID, we have deeper visibility into the profile of our online banking customers – differentiating good, returning customers from cybercriminals hiding behind proxies to disguise their true location – while also identifying what devices they are using regardless of the location.”
Patelco Engages ThreatMetrix for FFIEC Compliance
The FFIEC – a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions – first issued its “Authentication in an Internet Banking Environment” in October 2005 to provide guidance for financial institutions to put in place proper safeguards to protect against cybercriminals stealing customer credentials, hijacking online sessions and using malware to divert funds from unsuspecting account holders.
To meet 2005 FFIEC guidance, financial institutions like Patelco quickly put in place home grown or third-party solutions. However, a rapidly evolving threat landscape prompted the FFIEC to issue an update in 2011 – “Supplement to Authentication in an Internet Banking Environment” – requiring financial institutions to put in place even more rigorous safeguards by January 2012.
“We initially developed our own in-house solution in response to FFIEC guidance in 2005 but in the intervening years, cyber-attacks grew in terms of scale, sophistication and frequency,” said Vitale. “Rather than spend our IT resources continuing to develop, debug and maintain our own in-house solution to meet the new 2011 FFIEC update, we felt that the time was right to source a solution from a third-party. ThreatMetrix’s core competency was completely dedicated to developing cybercrime prevention solutions.”
With the new guidelines specifically calling out financial institutions to implement a layered security approach, as well as identifying two key techniques that financial institutions should implement for effective fraud controls – complex device identification and the ability to detect emerging threats in the form of malware, as well as to provide a secure browsing environment – Patelco turned to ThreatMetrix again, selecting TrustDefender Cloud.
“Based on our positive experience with TrustDefender ID, it made sense to return to ThreatMetrix to provide us with an additional layer of security with TrustDefender Cloud,” said Vitale. “A lot of banks and financial institutions have service bureaus where they outsource implementation of these types of services, but I’ve found that any IT department, such as my own that does development, can easily implement this type of SaaS service.”
“ThreatMetrix cybercrime prevention solutions are a game-changer for us by locking down the first perimeter of defense against cybercriminals, while protecting our members and helping us meet FFIEC compliance,” added Vitale.
About Patelco Credit Union
Patelco Credit Union ranks among the largest credit unions in the nation and is the fifth largest in California, with more than $3.6 billion in assets and 270,000 members nationwide. Throughout its 75-year history, it has helped its members and their communities prosper through volunteer initiatives and personalized service that focus on transparency, simplicity in banking, and garnering trust. Patelco is a federally insured, not-for-profit, full-service credit union that offers the same types of products as large banks. Membership in Patelco is free and open to everyone. For more information, visit www.patelco.org.
ThreatMetrix®, The Digital Identity Company®, is the market-leading cloud solution for authenticating digital personas and transactions on the Internet. Verifying more than 20 billion annual transactions supporting 30,000 websites and 4,000 customers globally through the ThreatMetrix Digital Identity Network®, ThreatMetrix secures businesses and end users against account takeover, payment fraud and fraudulent account registrations resulting from malware and data breaches. Key benefits include an improved customer experience, reduced friction, revenue gain and lower fraud and operational costs. The ThreatMetrix solution is deployed across a variety of industries, including financial services, e-commerce, payments and lending, media, government and insurance.
Walker Sands Communications