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  • Members Of Technology Credit Union Safer From Online Fraud

    Tech CU is one of only a few financial institutions to implement a new layer of security 

    San Jose, CA (January 25, 2006)—Technology Credit Union (Tech CU) is one of the first financial institutions that has successfully implemented PassMark Security’s Two-Factor Two-Way Authentication and converted 100% of their active online banking users to the new system. PassMark provides members with a more secure online login to prevent phishing, key logging and other online fraud.

    According to a report by the Federal Trade Commission, close to 44,000 Californians fell prey to identity fraud just in the past year. The same report revealed that San Jose had the 5th highest level of victims in California. “We are acutely aware of the large number of incidences of online fraud and identity theft and the inadequacy of password protection for online transactions,” said Michael Luckin, Senior Vice-President, Delivery Systems of the San Jose based credit union. “That’s why we chose to implement the program instead of waiting to learn from other institutions.”

    On November 16, 2005, Tech CU’s thirty thousand active Online Banking users said goodbye to their old log in process in favor of the more secure PassMark system.

    The PassMark system provides secure two-factor authentication and anti-fraud filtering with a unique approach. By remotely identifying individual computers, it achieves two-factor security without requiring the user to have or carry any new tokens, cards or readers. In addition, each Tech CU member was given a secret PassMark—consisting of a small image and a phrase created by the member—that Tech CU will subsequently display to the member during log in. This is Tech CU’s assurance to its members that they have reached the legitimate Online Banking website and not a site “spoofed” to look like the credit union’s.

    As one member who participated in the early testing said: “Security is one of my highest concerns. So, thanks for taking these measures.” In fact, 93% of those surveyed rated Tech CU positively for taking an aggressive approach to improving online security.

    Tech CU is committed to providing cutting-edge banking technology to meet its membership’s changing needs and to protect them from cunning and aggressive online thieves. Tech CU will remain vigilant in monitoring online fraud attempts and continuously seeking new ways to keep members’ accounts safe.

    Such efforts haven’t gone unnoticed, as evidenced by the following quote by a Tech CU member: “Thank you, and continue taking great care of me!”

    About Technology Credit Union
    Technology Credit Union is a member-owned, full-service financial provider that offers services to technology and business professionals in California and their families, focusing primarily on serving individuals who work, live, go to school, or regularly worship in Santa Clara, Alameda, San Mateo, Santa Cruz, San Francisco and Contra Costa counties. Tech CU was started in 1960 and is now among the top 1% of the nation’s largest credit unions. With more than $1 billion in assets, and seven full-service branches in the Bay Area, Tech CU is a leader in the credit union industry.

    Contact:
    Ivy Widman
    Field Marketing Coordinator
    Phone: 408-441-4757
    Fax: 408-453-0741