ST. PETERSBURG, Fla.–Lumin Digital, a PSCU company, has entered into a partnership with ThreatMatrix, a LexisNexis Risk Solutions Co., that it said is designed to secure and improve consumers’ online and mobile banking experiences.
Lumin Digital will offer hundreds of credit unions and millions of members access to protected digital banking by leveraging the ThreatMetrix Digital Identity Network, which offers unparalleled visibility into the true identity of online users versus fraudsters, the organizations said.
“As credit unions and consumers battle threats ranging from identity theft to account takeovers to malware, digital banking users have become increasingly frustrated by additional security measures that have a diminishing effect in reducing fraud,” PSCU said. “This technology integration will change all of that by delivering frictionless, dynamic authentication and improved account security.”
The alliance will enable Lumin Digital to deliver secure, cloud-based services that are redefining digital banking for credit unions, PSCU said.
“Prompting users unnecessarily for authentication is not only exasperating, but also encourages them to engage in risky behaviors such as choosing poor passwords or disabling security features,” said Sean McElroy, chief information security officer at Lumin Digital. “Through our partnership with ThreatMetrix, we will use intelligence from its Digital Identity Network to transform the ways in which users conduct online banking to ensure their information stays private and protected, but with more ease when logging in to accounts.”
What Alliance Will Do
The alliance between ThreatMetrix and Lumin Digital will enable credit unions to move beyond simple device fingerprinting to stitch together digital identities by analyzing the constantly changing relationships between individuals, their behaviors, locations and devices, according to the organizations.
PSCU said the ThreatMetrix Digital Identity Network is known for its speed and reliability. As such, Lumin Digital can meet its commitments to security, user experience and performance by leveraging instant, transparent threat assessments with a more than 95% recognition rate of users.
The formation of Lumin Digital was announced at PSCU’s annual Member Forum in April of this year. As a cloud-based digital banking platform built using market-leading technology, Lumin Digital provides members of PSCU-owner credit unions with a tightly integrated and customized experience that rivals the offerings available from the big banks.