BioPassword, Inc., the only software company providing secure authentication and anti-fraud solutions and user-specific monitoring ability based on the behavioral biometric of keystroke dynamics, today announced strong customer momentum across the credit union sector with customer wins including Parda Federal Credit Union, San Antonio City Employee's Federal Credit Union, Automotive Federal Credit Union and FORUM Credit Union. These customer wins, along with the growth of BioPassword's Premier Partner Program, underscore BioPassword's continued strength in delivering a cost-effective multifactor authentication solution that meets FFIEC requirements.
Credit Unions are under increasing pressure to implement multifactor authentication by the end of 2006 due to a combination of recent data breaches and regulations. As a result of recent exposures of sensitive customer information, President Bush signed an Executive Order establishing a Task Force to strengthen federal efforts protecting against identity theft. In addition, the Federal Financial Institutions Examination Council (FFIEC) set forth guidelines requiring financial services organizations to implement multifactor authentication by year-end 2006. In response, the National Credit Union Administration (NCUA) issued a letter to federally insured credit unions on "Authentication for Internet Based Services," requiring credit unions to complete a risk assessment, implement a monitoring system for unauthorized access and deploy added control mechanisms, such as multifactor authentication. To meet these end-of-year requirements, credit unions are searching for multifactor authentication options that can be deployed quickly and are easy for their members to adopt.
