There has to be a better way. A safer way. There has to be a way to swiftly let a member re-set a password to gain entry to his/her accounts and to also defeat the account take-over criminals who specialize in seizing control of others' accounts and swiftly draining them.
Know this: the criminals who do this are an industry. They are professional. And they work fulltime at this.
Case in point: in the podcast Abrar Ahmed, CEO of Cozera Solutions, relates that criminal gangs will patiently call the same credit union, failing to win entry to the accounts they lust after but what they are doing is gathering intel. Pretty soon they know all the challenge questions and that means they also can know the answers.
A credit union needs to know how to fight back. id-go, a Cozera Solutions' tool, is one such way.
Cozera Solutions explains how it works its magic: "id-go replaces discoverable secrets like passwords and one-time passcodes with strong passwordless biometric authentication so there are no secrets for attackers to steal. To protect privacy, authentication is executed with device based biometrics that never leave the consumer's device."
In the podcast, Ahmed says that deployment of this tool to members is fast and seamless and can proceed with essentially no tech heavy lifting on the credit union's part..
The company is still in start-up mode but has already implemented its tools at four credit unions, a sector Ahmed is focused on.
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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto
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