UPDATE (5/19/08):

Coastal has completed the rollout of Multifactor Authentication (MFA) within our Online Banking system (COLTS). If you have not enrolled yet, please make sure you enroll when prompted.

Enrolling into MFA is easy! When it's your turn to enroll, simply choose your security questions and answers and you'll be taken into your main account screen within Online Banking. That's it!

For more information on MFA, please read below. Thank you for supporting your credit union!

Coastal Federal Credit Union is furthering our commitment to making your online banking experience secure. We have added a new security feature, known as Multifactor Authentication to Online Banking - COLTS in order to help protect the integrity and safety of your online account.

Multifactor Authentication? What is that?
You might not have heard the term before, but chances are you're already using multifactor authentication for at least one of your online services. Several financial institutions, credit card companies and email providers have already adopted it. (e.g. eZCardInfo)

Traditional, single-factor authentication employs a username and password to confirm a user's identity. However, this method of security is proving to be increasingly inadequate as many passwords are easy to guess and thieves are becoming more sophisticated. Multifactor authentication, on the other hand, offers increased protection. It works by adding another layer of security that uses additional factors of verification –information that only you know and are not likely to forget– thereby making it more difficult for someone to steal your online identity.

How does it work, and what should I expect?
When it's your turn to enroll, the first time you log in to COLTS you'll be directed to a registration page where you'll be prompted to select additional security questions and be asked to provide answers to those questions.  Once you submit your security information, you'll get a confirmation message and then will be logged into COLTS.

After that, most of the time, your COLTS experience will remain unchanged, but there will be an extra layer of security working for you behind the scenes. If the system detects anything uncharacteristic or unusual, you will be prompted to answer one or more of your security questions you chose during your initial enrollment. Simply provide the answers that you previously registered, and you'll be able to proceed.

It's easy for you, but difficult for a would-be thief.

Why is Coastal doing this?
The Federal Financial Institutions Examination Council, which includes both the NCUA and FDIC, is requiring that all financial institutions implement multifactor authentication.  Even if it weren't required, we're committed to utilizing the latest measures to ensure that your private account information is kept secure when you use our online services.