SOURCE: BioPassword

September 25, 2006 08:00 ET

FORUM Credit Union Selects BioPassword's Two-Factor Authentication Solution for Secure Online Banking

Allied Solutions Delivers FFIEC Compliance by Implementing BioPassword's Keystroke Dynamics Software for FORUM Employees and 95,000 Members

SEATTLE, WA -- (MARKET WIRE) -- September 25, 2006 -- BioPassword, Inc., the only software company providing secure authentication and anti-fraud solutions based on the behavioral biometric of keystroke dynamics, today announced Indiana-based FORUM Credit Union is deploying BioPassword Enterprise Edition and BioPassword Internet Edition to authenticate employees and online users by the rhythm of their typing. With nearly 100,000 members at branches nationwide, maintaining a secure network both internally and externally is vital to FORUM.

According to research from Trusted Strategies for Phoenix Technologies Ltd, 84 percent of network attacks in the last seven years involved stolen IDs and passwords, costing each company anywhere from $1.5 to $10 million in damage. More importantly, the attacks could have likely been prevented had companies implemented an extra layer of authentication; however, organizations are hesitant to adopt technologies that make the login process cumbersome for employees and customers.

"We searched for a multifactor authentication solution that was both secure and transparent to our users," said Doug True, senior vice president of lending and technology at FORUM Credit Union and president of FORUM Solutions. "More than half of FORUM's members are active online banking participants. We did not want to interrupt the ease and convenience of our online banking process with an obtrusive hardware solution. In addition to being non-invasive and cost-effective, BioPassword's solutions ensure we are compliant with new FFIEC regulations."

As part of BioPassword's Premier Partner Program, Allied Solutions, in conjunction with Smart Advisors, LLC and ClearPath Consulting Corporation, is implementing BioPassword Enterprise Edition and BioPassword Internet Edition at FORUM Credit Union. Allied Solutions is an expert in the credit union space, as it has been a leading provider of insurance, lending and marketing products and services to financial institutions and their members for 26 years. Allied's 3,500 banking, credit union and insurance industry customers include 80 of the top 100 banks in the world.

"Because consumers realize that using the Internet for electronic commerce and online banking is risky, financial institutions like FORUM Credit Union must focus on their security and privacy concerns in order to expand the marketplace for their online banking offerings," said Pete Hilger, executive vice president at Allied Solutions. "BioPassword effectively addresses the immediate need for fraud reduction and improved customer service in today's 24X7 banking world."

"We are thrilled to work with Allied Solutions to extend BioPassword's unique multifactor authentication capabilities to FORUM Credit Union," said Dean Bravos, vice president of worldwide channel sales at BioPassword. "By selecting BioPassword's cutting-edge technology, FORUM Credit Union can continue to offer members an easy and secure online banking experience. FORUM joins our impressive list of customers, signaling BioPassword's strength and leadership in the security market."

About FORUM Credit Union

FORUM Credit Union (formerly Indiana Telco Credit Union) was organized by the employees of Indiana Bell Telephone Company in 1941. Since then, FORUM has seen tremendous growth and expansion of services, from a small office in the Bell building to 11 proprietary branches and over 1,000 shared branch outlets nationwide.

FORUM is a leader in providing products and services for its members, being one of the first credit unions to offer share drafts, utilize ATMs and introduce a windows home banking product. FORUM offers a wide range of products to our members through wholly owned subsidiaries or through contract partnerships such as insurance, financial management and brokerage services, auto loans, mortgage lending, and tax preparation services.

FORUM also offers leading-edge lending solutions through its wholly owned subsidiary, FORUM Solutions, whose leading product TAPS® Enterprise Lending is currently being used by credit unions across the country.

About Allied Solutions

Allied Solutions (www.alliedsolutions.net) has provided quality insurance, lending and marketing products and services that meet the constantly changing needs of financial institutions and their members for more than 26 years. We provide innovative, value-added products and services that give our clients a competitive advantage and back them up with a level of service that is unsurpassed. Cutting-edge technology, competitive pricing strategies, and superior service and training support our business. We train our staff and design our systems around this philosophy, and choose carriers that share the same commitment. This commitment to service, combined with our commitment to quality, sets us apart from the competition.

About BioPassword

BioPassword, Inc. (www.biopassword.com), located in Issaquah, Washington, leads the market in delivering enterprise security software solutions for multifactor authentication and reducing fraud using the biometric science of keystroke dynamics. By creating a biometric template from user logon credentials in combination with a high-performance behavioral biometric processing engine, the device-independent authentication software is fast, accurate, transparent, scalable to millions of users and immediately deployable across the organization and the Internet without the need for expensive tokens, cards or other specialized hardware. Using BioPassword to monitor and authenticate users, organizations can quickly and cost-effectively implement secure access, comply with regulatory requirements, and reduce the risks of fraud. BioPassword products include Computerworld Horizon Award-winner BioPassword Internet Edition for multifactor authentication in web-based environments and BioPassword Enterprise Edition for multifactor authentication in Active Directory networks and Citrix Presentation Server environments. For more information on BioPassword please see our website or contact us at (425) 649-1100.

BioPassword® is a registered trademark of BioPassword, Inc. All other trademarks and registered trademarks are the property of their respective owners.

About Smart Advisors, LLC

Headquartered in Indianapolis, Smart Advisors (www.smartadvisors.net) is an information technology (IT) professional services firm with an extensive background in a number of major markets, including banking, insurance, service provider and data security. We collaborate with our partners and clients to help leverage leading-edge information technologies and tools to drive business process improvements, address new opportunities and maximize bottom-line results in the financial services and other market segments. Our services include sales and marketing support for our partners, and business strategy and transformation, enterprise integration and mobile technology solutions for our clients.

About ClearPath Consulting Corporation

Headquartered in Indianapolis, ClearPath Consulting Corporation (www.clearpathindy.com) is a professional services firm specializing in providing information technology services to small and medium-sized businesses. The company offers these businesses a reliable, high-quality and value-based relationship to help them adapt their IT systems to their business processes. ClearPath's mission is to collaborate with its partners and clients to help leverage leading-edge information technologies and tools to drive business process improvements, address new opportunities and maximize bottom-line results in the financial services, healthcare and other market segments. ClearPath's market focus includes financial services (banks, credit unions and insurance companies), healthcare and Internet service providers.

Contact Information

  • Contact:
    Doug Wheeler
    BioPassword, Inc.
    (425) 649-1100
    Email Contact

    Aimee Balsley
    Schwartz Communications, Inc.
    (415) 512-0770
    Email Contact