MADISON, WI and REDWOOD CITY, CA--(Marketwire - Oct 15, 2012) - To help credit unions across the U.S. better secure online transactions and improve customer interactions, CUNA Strategic Services Inc. has partnered with OneID, the digital identity company reinventing personal online security. The strategic alliance, announced today by CUNA Strategic Services (CSS), will help guide credit unions in making technology choices as they work to improve identity management and authentication.
"Between preventing fraud and managing all-encompassing online identities, OneID gives credit unions a tool to build loyalty and heighten their reputation with members," said Wes Millar, CSS senior vice president.
Individuals today are faced with maintaining an increasing number of user accounts as more and more daily tasks are conducted online, and each account requires remembering a user name and password. Overwhelmed by the sheer number of log-ins and their complexity, people are using the same password across many accounts and websites, exposing themselves and other accountholders to data breaches and identity theft.
OneID is a digital identity solution that replaces user names and passwords with a single digital ID linked to the end user's computers and mobile devices and secured by NSA-level encryption. With OneID, credit unions are able to automatically recognize their members and provide access to accounts. OneID also gives users and credit unions broad controls to limit transactions or require additional verification. In addition, OneID satisfies the requirements credit unions face in complying with Federal Financial Institutions Examination Council (FFIEC) guidelines regarding multi-factor authentication.
"OneID can help credit unions reduce their losses in card-not-present transactions and eliminate password phishing and other risks associated with password-based authentication," Millar added.
"CUNA Strategic Services plays a vital role in its community by evaluating and certifying new technologies that will help credit unions save money, meet regulatory standards, and enhance member relationships," said Alex Doll, CEO of OneID. "We're honored our digital identity solution satisfies their rigorous standards and we can begin working with credit unions to improve the security and experience of member interactions."
For more information, visit http://www.cunastrategicservices.com/OneID.
OneID is the first digital identity provider to eliminate passwords and give individuals complete control over the personal information they share online. Combining NSA-grade cryptography, the user's own mobile devices and a unique distributed cloud architecture, a OneID digital identity cannot be guessed, phished, key-logged or spoofed by cybercriminals. A user's personal information is only entered once and never shared with the websites they visit, making transactions simpler and more secure for both the user and the merchant. For businesses, OneID reduces the friction, fraud and costs associated with online transactions. Based in Redwood City, CA, OneID is backed by Khosla Ventures and North Bridge Venture Partners. For more information or to create a OneID, visit http://www.oneid.com.
About CUNA Strategic Services
CUNA Strategic Services Inc., owned jointly by Credit Union National Association (CUNA) and the state leagues, saved credit unions more than $30 million in 2011 through its alliance programs. It provides credit unions with access to quality products, services, and technologies delivered with a competitive advantage made possible through volume pricing and strategic program development. For more information, visit http://www.cunastrategicservices.com.