PSCU’s Lumin Digital and ThreatMetrix join forces to secure digital identity for credit unions
First-of-its-kind partnership and technology for cloud digital banking solutions
ST. PETERSBURG, FL (June 28, 2018) — ThreatMetrix®, A LexisNexis® Risk Solutions Company, and Lumin Digital, an innovative new digital banking provider, announced today a new alliance dedicated to securing and improving consumers’ online and mobile banking experiences. Lumin Digital — a PSCU company — will offer hundreds of credit unions and millions of members access to protected digital banking by leveraging the ThreatMetrix Digital Identity Network®, which offers unparalleled visibility into the true identity of online users versus fraudsters.
As credit unions and consumers battle threats ranging from identity theft to account takeovers to malware, digital banking users have become increasingly frustrated by additional security measures that have a diminishing effect in reducing fraud. This technology integration will change all of that by delivering frictionless, dynamic authentication and improved account security. This enables Lumin Digital to deliver secure, cloud-based services that are redefining digital banking for credit unions.
“Prompting users unnecessarily for authentication is not only exasperating, but also encourages them to engage in risky behaviors such as choosing poor passwords or disabling security features,” said Sean McElroy, Chief Information Security Officer at Lumin Digital. “Through our partnership with ThreatMetrix, we will use intelligence from its Digital Identity Network to transform the ways in which users conduct online banking to ensure their information stays private and protected, but with more ease when logging in to accounts.”
The alliance between ThreatMetrix and Lumin Digital will enable credit unions to move beyond simple device fingerprinting to stitch together digital identities by analyzing the constantly changing relationships between individuals, their behaviors, locations and devices.
“By leveraging global shared intelligence from the ThreatMetrix network, we can identify and block fraudsters with greater accuracy while also delivering simpler, quicker secure logins to legitimate individuals,” added Brian McNutt, Vice President of Product Management at Lumin Digital.
The ThreatMetrix Digital Identity Network is known for its speed and reliability. As such, Lumin Digital can meet its commitments to security, user experience and performance by leveraging instant, transparent threat assessments with a more than 95 percent recognition rate of users.
“The Lumin Digital team is revolutionizing the space due to their passion for implementing innovative technologies and analytics in order to deliver exceptional customer engagement,” said Leah Evanski, Vice President of Alliances at ThreatMetrix. “Rather than adopting security controls that are at odds with the user experience, Lumin Digital has embraced technology from ThreatMetrix that pioneered a tokenized data sharing approach to secure digital transactions in a way that is completely invisible to users — therefore ensuring both privacy and convenience.”
The formation of Lumin Digital was announced at PSCU’s annual Member Forum in April of this year. As a cloud-based digital banking platform built using market-leading technology, Lumin Digital provides members of PSCU Owner credit unions with a tightly integrated and customized experience that rivals the offerings available from the big banks. As a PSCU company, Lumin Digital’s offering provides seamless access to a wide array of PSCU platforms and services including card services, data analytics, and call center support. Platform development is currently underway and is scheduled to be completed later this year.
PSCU, the nation’s premier payments CUSO, supports the success of 1,500 credit unions representing more than 3.8 billion transactions annually. Committed to service excellence and focused on innovation, PSCU’s payment processing, risk management, data and analytics, loyalty programs, digital banking, marketing, strategic consulting and mobile platforms help deliver possibilities and seamless member experiences. Comprehensive, 24/7/365 member support is provided by contact centers located throughout the United States. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit pscu.com.
About Lumin Digital
Lumin Digital, a PSCU company headquartered in San Ramon, Calif., delivers digital banking solutions to credit unions across the United States. Founded by financial technology experts, Lumin Digital is redefining digital banking with its proprietary member engagement platform. Through the use of Lumin Digital’s member data and predictive analytics, credit unions will create custom experiences for members, creating a truly personalized journey and connected relationship. For more information, visit LuminDigital.com.
ThreatMetrix®, A LexisNexis® Risk Solutions Company, empowers the global economy to grow profitably and securely without compromise. With deep insight into 1.4 billion anonymized digital identities, ThreatMetrix ID™ delivers the intelligence behind 110 million daily authentication and trust decisions to differentiate legitimate customers from fraudsters in real time. Learn more at ThreatMetrix.com.
Charles E. “Chuck” Fagan, III
President & CEO