SOURCE: PassMark Security

April 10, 2006 08:55 ET

Schools Financial Credit Union Initiates Passmark Authentication System for Online Banking

SACRAMENTO and MENLO PARK, CA -- (MARKET WIRE) -- April 10, 2006 -- Schools Financial Credit Union has selected PassMark Security to further strengthen Schools' online banking security with PassMark's leading Two-Factor Two-Way™ authentication system. The PassMark system will give added protection to Schools members' using online banking, and guard them against Internet fraud tactics like "phishing" and "spoofing."

Once PassMark is enabled, the two-way authentication system not only verifies the member to the home banking site, it also verifies the authenticity of the home banking site to the member. Schools members will enroll in the new security system by selecting a unique image and creating a personal, descriptive label for it. From then on they will see that image and descriptive phrase -- their PassMark -- when logging into online banking. As long as they see their PassMark, members can be assured that they are at Schools' Web site and it is safe to enter their password.

Additionally, PassMark adds other layers of security including two-factor authentication -- a combination of computer system identification and pre-defined "secret" answers that further strengthen login authentication.

Schools is dedicated to keeping member accounts secure and guarantees a $0 liability on fraudulent charges.

"Our members' financial information security is the highest priority at Schools," said President/CEO Jim Jordan. "With PassMark, we will be able to combine our existing password authentication with the industry's state-of-the art security technology, better protecting members against the newest and most sophisticated Internet fraud tactics."

The PassMark Two-Factor Two-Way™ solution will be integrated with the Credit Union's Symitar core processing and online banking system from Jack Henry & Associates.

"We evaluated a broad range of strong authentication technologies, and selected PassMark's solution because we're confident it will give our members real, layered security plus an increased level of comfort online," said Eric Lindstrom, vice president of Information Services for Schools Financial Credit Union.

With the PassMark solution, Schools Financial Credit Union will be one of the first financial institutions in the country to act on Federal Financial Institutions Examination Council guidance that strongly recommends banks and credit unions implement multi-factor authentication by the end of 2006.

"Schools Financial Credit Union realizes the importance of safeguarding both member assets and its business reputation against criminal attacks, which is why it chose PassMark," said Lin Johnstone, CEO of PassMark Security.

About PassMark Security

PassMark Security is the leader in strong authentication for online banking, delivering a strong mutual authentication platform. As of the end of the first quarter 2006, approximately 20 million Internet banking customers are using the PassMark System.

About Schools Financial Credit Union

Founded in 1933, Schools Financial Credit Union serves more than 107,000 members and has over $1.2 billion in assets. Schools has 11 branches and offers Banking for Everyone(SM) in Sacramento and its nine surrounding counties.

Contact Information

  • Contact:
    For Schools
    Nathan Schmidt
    Vice President Marketing
    (916) 569-2010

    For PassMark
    Deb Montner
    Principal, Montner & Associates
    (203) 226-9290