CUNA Tech Council Releases Paper On Trends in Identity Authentication

The CUNA Technology Council and Illuma Labs have released a new white paper on important trends in identity authentication.

The white paper, titled “Let’s See Some ID: Building Smarter Internal and External Authentication,” involved interviews with both fintechs and credit unions and covers a variety of methods to improve security for member and staff-facing applications, according to the Technology Council.

“Across the industry, credit unions have done an excellent job of keeping member accounts secure,” the Council said in releasing the paper. “However, this has come at the cost of a high-friction authentication process that can make it hard for members to access their own account information. Gartner Research found that knowledge-based authentication has up to a 30% false failure rate due to members forgetting answers to security questions.”

The Technology Council noted credit unions have been reporting that account takeover attempts using information gleaned from social engineering and data breaches are becoming increasingly common.

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