SOURCE: BioPassword, Inc.

October 09, 2006 08:00 ET

Credit Unions Embrace BioPassword's Authentication Solution to Meet FFIEC Compliance Requirements

BioPassword Premier Partner Program Grows Presence in Financial Services Industry With More Than 400,000 End-Users

SEATTLE, WA -- (MARKET WIRE) -- October 9, 2006 -- BioPassword, Inc., the only software company providing secure authentication and anti-fraud solutions and user-specific monitoring ability based on the behavioral biometric of keystroke dynamics, today announced strong customer momentum across the credit union sector with customer wins including Parda Federal Credit Union, San Antonio City Employee's Federal Credit Union, Automotive Federal Credit Union and FORUM Credit Union. These customer wins, along with the growth of BioPassword's Premier Partner Program, underscore BioPassword's continued strength in delivering a cost-effective multifactor authentication solution that meets FFIEC requirements.

Credit Unions are under increasing pressure to implement multifactor authentication by the end of 2006 due to a combination of recent data breaches and regulations. As a result of recent exposures of sensitive customer information, President Bush signed an Executive Order establishing a Task Force to strengthen federal efforts protecting against identity theft. In addition, the Federal Financial Institutions Examination Council (FFIEC) set forth guidelines requiring financial services organizations to implement multifactor authentication by year-end 2006. In response, the National Credit Union Administration (NCUA) issued a letter to federally insured credit unions on "Authentication for Internet Based Services," requiring credit unions to complete a risk assessment, implement a monitoring system for unauthorized access and deploy added control mechanisms, such as multifactor authentication. To meet these end-of-year requirements, credit unions are searching for multifactor authentication options that can be deployed quickly and are easy for their members to adopt.

BioPassword is partnering with the heavyweights in the financial services industry to offer customers an innovative Internet and enterprise authentication solution based on the behavioral biometric of keystroke dynamics -- the unique way we each type. When a user types his/her userID and password, BioPassword verifies the user's identity. Smart Advisors, LLC, an information technology professional services firm specializing in security solutions for the financial services industry, and Allied Solutions, a leading provider of insurance, lending and marketing products and services to financial institutions and their members for 26 years, have already delivered BioPassword's easy-to-deploy and transparent authentication solution to more than 400,000 credit union members.

"With increasing federal regulations, such as FFIEC, we are fortunate to have found a solution that is ahead-of-the-curve in offering authentication solutions for new banking laws," said Melissa Auchter, chief information officer at Parda Federal Credit Union. "We selected BioPassword for its unmatched performance and scalability, as well as for the fact that it is easily deployable and provides a solution that is non-intrusive to members."

New customer wins include:

--  Parda Federal Credit Union, a not-for-profit financial organization
    dedicated to providing the best possible financial services for its
    members, serves more than 17,000 members with nine branches in six states
    and $150 million in assets. Nearly one-third of its members are online
    users, making secure authentication of the utmost importance to Parda
    Federal Credit Union. In addition, with new FFIEC guidelines looming, Parda
    Federal Credit Union chose BioPassword to ensure compliance.
--  San Antonio City Employees Federal Credit Union, a Texas-based credit
    union with $280 million in assets and 150 employees at seven branches
    throughout San Antonio, is using BioPassword to authenticate the identities
    of its remote workers, adding an additional layer of security to the logon
--  Automotive Federal Credit Union, a Michigan-based credit union with
    more than $62 million in assets and over 13,000 members, selected
    BioPassword to address multifactor authentication regulations with a
    software-only solution that was easily deployable across its network and
    did not require changes in the user-logon process.
--  FORUM Credit Union, with more than 91,000 members nationwide and $985
    million in assets, FORUM selected BioPassword after searching for a
    multifactor authentication solution that was both secure and transparent to
    users. With BioPassword, FORUM is complying with FFIEC guidelines, while
    offering users the convenience of secure online banking without obtrusive
    hardware solutions.
"We are extremely pleased to be selected by the growing number of customers across the financial services industry that demand a cost-effective multifactor authentication solution that is easily deployable across the Internet and enterprise," said Mark Upson, president and chief executive officer at BioPassword. "These customer wins, along with the expansion of our Premier Partner Program, validate BioPassword's momentum in the authentication market."

About Smart Advisors, LLC

Headquartered in Indianapolis, Smart Advisors ( 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 Allied Solutions

Allied Solutions ( 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. (, 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.