USA Funds to Implement New Online Security Process
Effective Oct. 22, security procedures for all USA Funds® online applications will be enhanced using a multi-factor authentication process to verify a user’s identity. The new security will comply with Federal Deposit Insurance Corp. standards to protect private data in the electronic-banking environment.
With the new security process, both new and existing borrower- and school-users of online applications will have an added layer of protection of their private information.
The change affects the following online applications:
The security enhancements also affect the following components of the OpenNet loan-delivery system.
- Login.
- Registration.
- Forgot password.
- Forgot user ID.
- Change password.
- Change challenge questions.
The new security procedure will prompt current school-users to answer their current challenge questions to validate their accounts. Then each user must validate the e-mail address associated with the account and set up five challenge questions and answers. School-users currently have only one security challenge question.
The security enhancement will include a prompt for borrowers to verify their accounts by entering their Social Security numbers or loan-account numbers. These users then must set up five challenge questions and answers.
For additional information about the security enhancements for USA Funds’ online applications, contact your USA Funds Services technical consultant.
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