Addison Avenue Federal Credit Union

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Building on the success it’s had with VeriSign® Identity Protection Fraud Detection Services, Addison Avenue wanted to reduce attempts at fraud even further by introducing multi-factor authentication for members that regularly perform a greater proportion of higher risk online transactions. Based on its existing relationship with VeriSign as a trusted security solutions provider, the strength of the VIP Network, and the simplicity of the mobile phone one-time password generating application, Addison Avenue selected VeriSign® Identity Protection Authentication Services. The credit union immediately began to see an increasing up-take of this new service by its security-conscious members.

Since having VIP FDS in place, together with a more manual layer of security in the back-end, we’re already seeing a tangible drop in inappropriate activities. To date we have not had ANY loss of funds. Nonetheless, we never want to become complacent and are constantly researching ways for additional improvements—we’re looking to multi-factor authentication to reduce the attempts at fraud even further. Additionally, we particularly wanted 100 percent delivery reliability of the OTPs, no matter where our members are located when accessing their account.

Blanca Guerrero,
Chief Information Officer,
Addison Avenue Federal Credit Union

Industry

• Financial Services

Challenges

• Increasing membership demand for Internet-based account management drove the need for increased security.
• Addison Avenue wanted to maintain its leading-edge use of security solutions as a competitive differentiator.
• A previous two-factor authentication solution failed to reach members while traveling.

Solution

• VeriSign® Identity Protection Authentication Services
• VeriSign® Identity Protection Fraud Detection Services

Results

• Addison Avenue remains ahead of competitors by being the first federal credit union in the U.S. offering VIP Authentication.
• The credit union is already seeing a ramp-up by members requesting the Addison Avenue Security Keys.
• The VIP Network makes multifactor authentication easy-to-use for members across all credit union transactions and from remote locations outside the U.S.
• Smart phone OTP-generating software removes the frustrations highly mobile members had experienced with the prior solution.