Will Facebook make your members more secure?

January 27, 2017 at 8:40 am Leave a comment

fbThis article in today’s American Banker tipped me off to an announcement by Facebook that it is offering members the ability to use and register physical tokens as an added feature to guard against account hacking. Although I am proudly not one of the estimated 1 billion users out there who delude themselves into thinking that they have scores of friends who want updates on little Johnny’s latest achievements and a picture of the gourmet meal that they are making for dinner, I have to concede that the American Banker has a point, when it quotes banking officials who suggest that Facebook’s announcement will probably have members asking their financial institutions to offer them the same type of protection.

A press release posted on Facebook yesterday explains that “Starting today, you can register a physical security key to your account so that the next time you log in after enabling login approvals, you’ll simply tap a small hardware device that goes in the USB drive of your computer. Security keys can be purchased through companies like Yubico, and the keys support the open Universal 2nd Factor (U2F) standard hosted by the FIDO Alliance.”

What confuses me a tad about the announcement is that it is only going to be beneficial for us old-timers who still do our banking online with a laptop or desktop that has a USB port. Even though Facebook started as a means for kids at Harvard to know where the next party was going to be, fifty percent of Facebook users are over the age of 40, which explains why I know so much more about my friends and neighbors than I really need to. My wife is a Facebook fan.

McWatters Named Acting NCUA Chairman

 The inimitable J. Mark McWatters completed his unlikely lies from board gadfly to leader of the NCUA yesterday when he was named Acting Chairman of the NCUA Board, by President Donald Trump. Here are a few quick thoughts.

This is good news for credit unions, leaving aside his seemingly compulsive need to reference the fact that he is a lawyer at least once every five minutes, McWatters’ legal acumen has been a welcomed change for the industry.

  • He has advocated for taking a fresh look at issues ranging from MBL’s to Field of Membership flexibility.
  • It may have been totally by accident, but NCUA has actually positioned itself well ahead of the Trump wave by already having McWatters on the Board. McWatters joined by Metzger, have been advocating for substantial regulatory relief for almost two years now. As a spokesman for the Board McWatters can only help build bridges to Congressional Republicans.
  • Under NCUA’s enabling statue lets the President pick the Chairman of the NCUA Board: What a concept. This commonsense measure provides another example of why CFPB supporters are so wrong in their dogmatic instance that the bureau can only function with a single benign dictator.

On that note, enjoy your weekend without football. I will have to remember what I used to do on Sunday afternoons.

Entry filed under: Compliance, General, technology. Tags: , .

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Authored By:

Henry Meier, Esq., General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association.

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