What is the FFIEC and what does it have to do with account security?
The FFIEC (Federal Financial Institutions Examination Council) is a body empowered to prescribe uniform principles and standards for the federal examination of financial institutions on behalf of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision The FFIEC has stated that the authentication of an accountholder via simple password and ID alone is “inadequate for high-risk transactions involving access to customer information or the movement of funds…”To comply with these guidelines, TDECU has implemented a number of sophisticated security measures, including TDECU Secure4U, VeriSign®, Cyveillance®, and alpha numeric passwords.
