Online Banking updates this week
Tuesday evening, we will make updates to EECU’s Online Banking program to enhance security for your accounts. Many of you have already updated your account with a new username and a phone number or email address for account verification purposes, but if you haven’t already, you will be required to do so when you log in after the update.
What will change?
The first time you log in after the update, you will be greeted with a new screen. What you are asked to do at that point will depend on your current settings.
Inside online banking there are a few more changes worth noting.
- Although you can do transfers directly from the online banking home page by clicking the “Make a transfer” button, the additional transfer options (Scheduled Transfers and External Transfers) are now under the Move Money menu.
- If you’re looking for FinanceWorks or TurboTax, or you are a business user looking for Payroll, those are under Manage Money. And then services like Online Statements, E-Alerts, E-Deposit, Stop Payments, and Check Order are under Additional Services.
- Most of the features that used to be in the User Options menu are now in the My Profile menu at the upper right of the screen. You can change your security options, username, password, account nicknames, etc. And to send EECU a secure message, receive a secure message back from us, or see Frequently Asked Questions, click the Support button and then click the Secure Support link on the box that pops up in the middle of the screen.
- Bill Pay has also received a minor facelift. The functionality is the same including the way you pay bills—entering an amount, selecting a send date and clicking pay. But now if you need to make changes to the payee, including things like setting automatic or expedited payments or setting up a reminder, you do that by clicking the Options button to the right of the Pay button.
Why are things changing?
The menu and Bill Pay changes are part of that continuing effort to make online banking look better, work better or increase functionality. The security changes make the system more secure.
Although challenge questions were a good solution for providing extra security at one time, financial industry regulators have decided that challenge questions are no longer a sufficient solution for providing extra security.
The intent of the extra layer of security is to use multiple factors (which is why the extra security measures used by financial institutions are often referred to as multi-factor authentication or MFA). The three types of factors are something you know, something you have and something you are. A good MFA security system should use at least two of the three. So what does that mean? Usernames and passwords are something you know. Most institutions use “something you have” as the second factor. In most cases, the user’s own computer was used. If the computer was unrecognized, the problem became figuring out how to allow a user to verify the computer.
Pass codes help solve that problem. Your own phone or email address are “something you have” and allow you to authenticate using two distinct factors. But let me provide a bit of a warning; you are far better off using a phone number than using an email address. If a criminal has compromised your computer in such a way as to be able capture your username and password, they may also be able to capture your login to your email account. If you use only your phone for pass codes, you increase your level of security dramatically. Though pass codes through email are less secure, we allow them for practical reasons as not everyone has access to a phone when logging in to a new computer.
|Tim Grove, vice president of systems development, has been with EECU Credit Union’s information technology team since 1999, and is responsible for the programming and development of EECU’s website as well as all online and mobile services. Tim holds an undergrad degree in marketing from Oklahoma Christian University as well as an MBA from the University of Texas at Arlington, and has served marketing and IT teams at companies including Canon, EDS and Halliburton.