As banking technology advances, so do new fraud vectors. For banks and credit unions to protect their customers, stronger security is needed to keep fraudsters out. While balancing security with a simple and streamlined customer experience can be a challenge, we helped Chartway Federal Credit Union, a Q2 client, achieve exactly that.
In this Q2 Connect 2024 talk, Entersekt’s VP Product: Identity & Authentication, Mzukisi Rusi, and Chartway’s VP Digital Banking, Doug Almeida, share how the credit union empowered its members to fight modern fraud with modern authentication.
By implementing Entersekt’s
advanced authentication for Q2, their members are able to easily reject or accept an action via a push notification, which contains all the context they need. That way, they’re playing an active role in preventing unauthorized access and attacks like account takeover fraud.
The credit union experienced stellar results within the first month of implementation:- Over 10,000 login attempts declined from untrusted devices (translates into an estimated ROI of over $1-mil in potential fraud savings)
- 90% of password resets approved by a trusted device, and 10% declined (the estimated operational cost savings for the 3,000 password resets in one month alone – thanks to self-serve password resets – is $30k)
- 94% of logins from mobile apps approved by a trusted device, 6% declined
Further resources: 
