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Changes to Online Banking

Changes to Online Banking

If you’ve logged on to online banking recently, you may have noticed a slight change – mainly, you may not have been asked to answer a security question. Recently, Central 1 (our internet banking host) updated online banking as part of an initiative to improve security and member experience. The new process uses Central’s Risk Based Policies – basically a risk engine now runs in the background and determines when to ask your challenge questions. 

What’s different? 

Prior to the security change, MemberDirect Online Banking would ask security questions based on a set of rules – whether your device was registered or not, but we know that registered devices can become compromised and to proactively protect our members, Central has moved to a more secure process. 

How does it know I am who I say I am?

There is now an algorithm in the background that determines potential risk – if the risk score – as in logging in from an already used computer, is low, then no questions are presented,  but if the risk engine calculates a higher risk score, the system will require one of three questions to be answered.

How does asking questions less improve security?

Contrary to popular belief, reducing how frequently we challenge members actually improves security. Malicious actors trying to log in to members accounts will need the challenge question answers, thus most malware works by removing the cookie used in the static rule approach, so that the next time you log in, you are asked to enter the challenge answer, which is then successfully captured by the malicious actor. By moving to a smarter decision process on when to challenge, it will be harder for malicious actors to trigger a challenge event and thus harder for them to capture the answers.

So what’s the benefit to me?

With the new security upgrade, you don’t have to answer challenge questions as often, meaning fewer users will be locked out of online banking.

Questions about the new online banking security?

Give us a call and we’d be happy to go in to detail about the new security changes.  

If you don’t have online banking or use our mobile app, ask us how!