CU*Answers, a Grand Rapids, Michigan base core processor, announced that on November 2nd, it held a web conference for all of their clients about the changes to the Federal Financial Institutions Examination Council (FFIEC) Supplement on managing high risk account activity through electronic channels. One of the main points of the conference was that the CU*BASE core system along with its companion It’s Me 247 online banking have met the new requirements for years.
“The core system has had the ability to detect suspicious activity for years and analyzes the activity of every member to determine if a member’s account is potentially being hijacked. Not only is the core application ready but the member has the capability to activate layering features in the online banking application that requires additional security, alerts the member if certain transactions are being performed, and allows the member to set limits on the types of activity” said Jim Vilker, VP of Professional Services.
CU*Answers is not only ready but also providing white papers, best practice documentation, and creating a collaborative website to allow their clients to share procedures and policies related to this new FFIEC Supplement.