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Jeffco Credit Union Protects Customers From Phishing Scams With Phonefactor

10-13-2008 10:09 PM CET | IT, New Media & Software

Press release from: Positive Networks

Online Banking Customers Get Protection from Fraudulent Activity with Real-Time Alerts

OVERLAND PARK, KS (October 8, 2008) - Positive Networks, a leading provider of security products and services, today announced that Jeffco Credit Union (Jeffco) has selected its phone-based authentication technology, PhoneFactor, to protect its members from widespread phishing scams.

Jeffco, a member-owned, not-for-profit financial cooperative based in Lakewood, Colo., needed to add an additional layer of security to its online banking, and wanted a system that guaranteed fraud prevention. They started investigating two-factor authentication options after a phishing attempt forced the credit union to temporarily suspend online banking. Phishing is when a criminal poses as an official institution over email. In this case, the phisher was sending emails to Jeffco customers, posing as the credit union, asking for passwords and other financially sensitive data.

Jeffco’s network was not compromised, but they took the attempt as a warning, and set out to be proactive about providing members the toughest security available. It took a lot of evaluation before selecting PhoneFactor, because many security systems don’t intervene until the crime is already in progress.

“It is our responsibility to continually monitor and implement additional safeguards to protect our members’ information,” said Tom Theune, President/CEO for Jeffco. “PhoneFactor was the best solution for our needs. It is fast, easy to deploy, and is unobtrusive to our members.”

With PhoneFactor, when a user logs in with their username and password, their phone rings instantly—before any access is allowed. The user is prompted to press # or enter a PIN to complete their login. If they do not validate the login, access is denied and Jeffco is alerted.

PhoneFactor added a second layer of security to Jeffco’s existing login processes. Because it can work with any phone, included mobile phones, there were no devices to distribute, or certificates and software to install. A hacker would need to know the users’ log in information and have physical possession of their phone to gain access.

PhoneFactor is easy to implement and seamlessly integrates with any VPN, enterprise application, or website.

About Jeffco Credit Union
Chartered in 1948, Jeffco Credit Union is a member-owned, not-for-profit financial
cooperative. Jeffco Credit Union is a $160 million financial institution serving over 23,000
members, which include Jeffco School District employees, students, family members and residents in Jefferson County, Colorado. For more information, please visit: www.jeffcocu.coop.

About PhoneFactor
PhoneFactor is a simple two-factor authentication service that provides far greater security than usernames and passwords. The award-winning service can use any phone (mobile or landline) as a second form of authentication. PhoneFactor can be setup in minutes and eliminates the need for tokens, smart cards or certificates. The basic service is free with advanced modules available for enterprise deployments. Learn more at www.phonefactor.com.

Company Contact:
Sarah Fender
Positive Networks
913.499.4152
sfender@positivenetworks.com

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