The Pilot Program: A Game Changer
In an era where fraud is just a click away, three American credit unions have taken a stand by collaborating with CULedger to test a pioneering blockchain identity platform. Unify Financial, Desert Financial, and TruWest Credit Union embarked on this journey to fortify their call centers against high-risk phone transactions – a favorite playground for fraudsters.
Identifying the Problem
These credit unions identified phone transactions as particularly vulnerable, dubbing them a “high-friction channel” ripe for exploitation. It’s like leaving the front door wide open while hiding the key under the doormat. According to the pilot, it’s time for a digital upgrade!
MyCUID: Your Digital Identity
Developed by CULedger, the MyCUID digital credential allows credit union members to authenticate their identities in a flash. It’s akin to pulling out a magic card at a club – simply show it, and you’re in! By addressing the inconvenience of managing dozens of passwords, MyCUID is set to revolutionize how we think of digital security. As Ron Amstutz of Desert Financial put it, “Once my credit union fully identifies who I am and issues my MyCUID credential, other institutions like medical and government can trust and accept it too.” It’s good to know that the days of juggling countless passwords may soon be a thing of the past.
Speed Meets Security
In this trial, the time taken for identity verification plummeted from 50 seconds to a mere 10 seconds or fewer. With biometric features such as voice, fingerprint, or facial recognition, identity verification might soon feel as effortless as getting your morning coffee. Imagine just tapping your phone and being instantly recognized. No more fumbling at the front desk.
Future Partnerships and Innovations
But that’s not all folks! CULedger has been busy expanding its horizons by partnering with tech giants like IBM and joining R3’s global blockchain ecosystem. This collaboration has birthed CU Pay, a product designed to ease cross-border electronic funds transfers. Set to launch in 2020, CU Pay is like the Robin Hood of payment networks, aiming to reduce friction while improving connectivity.
Conclusion: The Future is Here
With over 260 million credit union members and $1.7 trillion in assets worldwide, CULedger and its innovations hold the potential to bolster cybersecurity significantly. As they pave the way for a more secure identity verification process, one can only wonder – are we ready for this blockchain revolution?
