The Germantown, Md.-based SkyPoint Federal Credit Union ($207 million in assets, 13,717 members) took mobile payment security to a new level last month when credit union officials launched SkyPoint Pay – a product designed to provide “unprecedented security” when transferring funds between financial institutions and people.
According to a statement from SkyPoint in late September, SkyPoint Pay creates a security question unique for every transaction and then “answers the question, and sends the answer to the payee, who simply supplies the answer when prompted to claim the funds.”
“SkyPoint Pay avoids the vulnerability of funds or personal data and the fraudulent issues that can occur when transferring money,” SkyPoint Chief Experience Officer Jorge Saenz said. “Rather than relying on security questions and answers that are on the internet, and therefore at risk of being discovered, the payer writes a new question on the spot and sends it only to the payee in the current transaction.”
According to SkyPoint, payers do not need to remember answers to questions since a new question is asked with each new transaction.
“SkyPoint is always looking for ways to enhance customer experiences, and SkyPoint Pay is the result of innovative thinking and perseverance,” the credit union’s statement read. “SkyPoint Pay gives members the confidence of having an extra layer of security when transferring funds. Yet, it delivers that security in a way that is easy for anyone to use, in keeping with SkyPoint’s goal of simplifying their members’ lives.”