(As seen on CUInsight) – In the ever-evolving credit union industry, the threat of fraud and cyberattacks remains constant. Keeping your members engaged, informed, and protected is not just an option, it is critical. Your members expect to receive real-time updates, need control over all their accounts, and want a sense that their credit union is looking out for them and has their back.
To meet these demands, credit unions must understand the products and services available to combat fraud and safeguard member information. Core processors can offer these services in a variety of ways that include digital authentication messages at teller lines and call centers, real-time account alerting, and a messaging system that is routed through SMS text messages, emails, or mail notifications. These solutions working together not only elevate the member’s experience, but they also add a layer of security to combat fraudsters from account takeover and identity theft.
Let’s dive deeper into how each of these solutions work and why they are important to your credit union and your members.
Digital Gatekeeping
With digital gatekeeping, credit unions can leverage a core-integrated solution that allows them to send a one-time passcode to a member’s email or mobile number already on file to verify identity. This is one of the strongest forms of member verification. It is easy for the member to receive a code on their device and then say the code to the credit union employee servicing their account.
Recently, a credit union shared just how effective and beneficial digital gatekeeping was when put into action:
“We had a fraudster who gave our teller a fake ID of one of our members. The teller suspected something was up and required the passcode to access the account. The fraudster made an excuse to go back out to his car and left immediately. Later, our legitimate member that the fraudster tried to impersonate came into our branch because he had received the code to his text and was questioning it. We explained what happened, and both our member and credit union benefited greatly from this service.”
This added layer of protection may have saved this member from losing funds in their accounts. In today’s world of technology and searchable information on the internet, a member’s date of birth and mother’s maiden name are no longer secure options to verify an account. Having a digital gatekeeper can deeply enhance member security.
Real-Time Updates and Communication
If something doesn’t look right in their account, members today want to know what is happening with their account the moment it happens versus having to log into digital banking to find out.
Credit unions have the ability to leverage tools that allow for real-time alerts to be sent to members and customized based on each member’s chosen notification method. These notifications can be triggered by specific account actions, such as low balances, direct deposits, large transactions, or failed login attempts, just to name a few, which are then delivered instantly via text or email.
This is extremely valuable to the member so they can instantly be notified of fraud and stop it from happening. Having a service like this can reduce the need for the member to call the credit union if they are able to manage their account on their mobile device or computer. These self-service options are not just valuable to credit union members, but equally as valuable to the credit union. Reducing phone calls for account inquiries will allow more time to focus on work that improves the credit union experience. Empowering the member with the ability to stop fraudsters before funds are taken results in less fraud costs to your credit union.
Enhanced Communication Channels
Convenience and speediness are keys to effective communication, and today, notifications through regular mail do not meet expectations. Members don’t want to receive a notification three days later that they overdrew their account or that an ACH item has been rejected. They want instant notification. Credit unions have these tools at their fingertips today, allowing them to provide instant alerts, such as notifications of rejected ACH items, via text or email. Or, better yet, the member can elect to choose the method of notification they prefer. If the member receives a notification about a rejected item right away, they can immediately access their account, either online or at the credit union, and possibly move funds around to allow the item to clear.
Being able to send a real-time, member-wide communication alerting your members to potential fraud and encouraging them to be on the lookout for texts or phone calls from fraudsters with your credit union branding in text or email format is possible and essential. With the correct products and services available today, alerting your members not only shows you have their back, but also that your credit union is proactively trying to stop fraud and protect the membership as a whole.
Creating Your Credit Union’s Competitive Edge
In today’s world, where fraud threats continue to grow in sophistication and frequency, credit unions must remain vigilant and proactive in their member protection strategies. Real-time communication, smart authentication tools, and flexible notification channels are no longer products that are nice to have, they are essential components of a modern security approach. By implementing digital gatekeeping methods, enabling real-time alerts, and offering member-preferred communication options, credit unions not only enhance their operational efficiency but also strengthen member trust and satisfaction. Ultimately, these tools empower members to take control of their financial security while positioning your credit union as a reliable, tech-forward partner in safeguarding their assets.
About the Author
Pat Mileski is a seasoned Product Analyst on Synergent’s Strategic Partnerships team. With over 12 years at the organization and five years of prior experience working in a credit union, he brings significant expertise in products, solutions, and operational strategy. Pat is a trusted, go-to resource for both internal teams and credit union partners.
