To help credit unions stay ahead of the curve with secure products that are essential in today’s dramatically changing payments landscape, Synergent is pleased to offer the following new services to protect both credit unions and their members.
Account Updater will allow for automatic updates of member card information to participating merchants when a card is reissued, reducing member issues in updating billers for recurring payments and reducing declined payments or interruptions in service with merchants. Increased merchant involvement is an advantage of this service, though merchant participation is elective and opting out is possible on cards held by individuals. We advise credit unions to take the following actions when deciding whether to disclose this service to your cardholders:
- Consult with your compliance officer to ensure that your chosen policy on education of cardholders is in line with the credit union’s compliance requirements, as well as state and local laws and regulations.
- Review your internal terms, conditions, and privacy policies. Update if needed.
- Learn more by reading the resource page that we have created.
3D Secure 2.0
In partnership with Visa and Mastercard, the 3D Secure authentication program has been updated to improve cardholder transaction security and reduce the potential for fraud. Replacing the “Verified By Visa,” and Mastercard’s “SecureCode” programs in April, there are several advantages to 3D Secure 2.0, including:
- Improved consumer experience with a new, “frictionless” cardholder authentication process.
- Static cardholder passwords and identification questions will be replaced with risk-based authentication measures – eliminating burdensome cardholder questions or cardholder enrollment.
- Increased participation and transaction security, as issuers will be automatically enrolled in enhanced 3D Secure programs at the BIN level.
- Enhanced “app” and browser-based transaction functionality, with the option for merchants to integrate enhanced authentication measures into e-commerce “checkout” processes.
EnFact Fraud Monitoring
Interactive text alerts help stop card fraud fast by alerting members as soon as suspicious activity is detected based on transaction flows. Keeping fraud off your books is driven by your credit union getting a quick response to fraud alert from your card-carrying members.
The SMS text message your member would receive in the event of a suspicious transaction is branded with your credit union information and details the suspect transaction. If your member doesn’t recognize the transaction, there is a number to call for follow-up. If they do recognize the transaction, they reply to the text with a simple “YES.” There also are backup email and phone notification options.
Risk Office Advisor & Risk Office Advantage
These tech-savvy services for credit unions that already are using Fiserv’s Risk Office are very effective in fraud detection for credit unions. The key to the success of this product is making sure members are aware of what it is, how it works, and ensuring phone numbers are collected and added to the system.
Risk Office Advisor includes services such as:
- Transaction routing 100% to real-time, Automated Risk Exemptions (ARES)
- An assigned risk analyst for consulting and recommendations
- A rule-authoring service
- A premium fraud rule package
- Analysis of tagged fraud transactions
- Customizable cardholder notification actions
- Monthly risk portfolio reports
Risk Office Advantage provides additional protections to those included with Risk Office Advisor, such as added capabilities provided through the RuleManager rule authoring tool, where your credit union can create its own Enfact Special Rules and custom Hotlists for your special VIP members!
To learn more about these products, please contact Karen Mayo, Assistant Vice President of Implementation & Training for Payment Services.