Credit Unions Switch to VeriSign
Posted by: Henry Baum | Mar 26,2008
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One of the most important facets regarding the recent security breach at the Hannaford supermarket chain was that it brought up the issue of internet security. The problem with the Hannaford supermarket chain wasn’t that they provided no security for their computer network, but that the network wasn’t effective. This led to a lot of worry for consumers who may be doing everything right in terms of protecting themselves against identity theft, but cannot control how their credit card, social security number, or other important info is handled by outsize sources.
As a result, the Hannaford breach has led to over a thousand identity theft claims, and counting, as well as class action lawsuits. The security firm associated with Hannaford has dropped all reference to Hannaford on their website, trying to distance themselves from the mess.
What about other types of financial institutions? Do they have network security in place to protect consumers against this type of security breach? The answer is yes, and the recent news that 100 credit unions are now using VeriSign security systems should calm the nerves of some people who are worried about having sensitive financial information stolen.
VeriSign Security If you have any experience with online banking, you may be familiar with some of the VeriSign-type protocols. For instance, each consumer will be given a unique icon to ensure that both the website they are accessing is legitimate and the user accessing the site is legitimate as well. The same type of security protocol will be used by 100 new credit unions and this number will likely grow. The protocols are aimed at countering phishing – a process in which identity thieves set up fraudulent websites that may look entirely professional but are dummy websites aimed at obtaining sensitive information.
VeriSign ensures a site’s authenticity by a number of visual cues – and it’s important for users to understand what these are. For instance, the address bar will turn green and a locked icon will appear. Still it’s not enough to rely on these visual cues, as it is possible that identity thieves will be able to mimic these in the future. While VeriSign is a good security protocol, it’s important for users to check the URL of the website to make sure that it is legitimate and not a dummy site.
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