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Part of preventing fraud is staying informed and staying one step ahead of fraudsters. Whether we’re looking at account takeover, new account fraud, transactional fraud, attacks are on the rise. According to Lexis Nexis: Account takeover fraud is up 72% year-over-year 1 in 7 new accounts are fraudulent Mobile device fraud attacks are up 48%… Read more »
Topic: Blog
A Message From Todd Mason: International Credit Union Day
As we approach International Credit Union (ICU) Day, I want to pause and say thank you to the thousands of dedicated and caring employees that make up our credit union network. Because of your tireless dedication to your members and your efforts to enhance their financial lives, our movement is thriving in our respective communities… Read more »
Proposed IRS Reporting Provisions: What You Need To Know
As member-owned cooperatives, credit unions are different. But a much-discussed proposal that is being considered by Congress would negatively impact all types of financial institutions and their members/customers, but especially credit unions and small community banks. Read on to learn about this important, fast-moving issue that has the potential to create “significant new burdens” for… Read more »
What You Can Do to Prevent HELOC Fraud At Your Credit Union
Did you know that credit unions across the country have suffered substantial losses due to counterfeit checks drawing funds from home equity lines of credit (HELOCs)? Fraudsters are obtaining these funds leveraging various tactics. Counterfeit HELOC checks and counterfeit checks drawn on member checking accounts funded by unauthorized advances are a couple of examples. Often,… Read more »
Faster Payments
The payments landscape is always evolving, always advancing, and always changing. Staying informed about the products and services currently available and those that are on the horizon is essential, but also can be daunting. There’s constantly something new in the FinTech space and it can be difficult to know which products are a flash in… Read more »
A Message From Todd Mason: Reflections on the 20th Anniversary of 9/11
Twenty years. It’s hard to believe two decades have passed since that world-altering morning on September 11, 2001. There are a handful of events in recent history where those that lived through them can recall where they were and what they were doing when they happened: the assassinations of President John F. Kennedy and Dr…. Read more »
Did You Know the Durbin Amendment Impacts Every Single Debit Transaction?
How familiar are you with the Durbin Amendment? This much buzzed about effort impacts consumers every time they swipe their debit cards. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law in response to the effects of the Great Recession. This complex piece of reform legislation created new regulations… Read more »
Getting More From Your Core: Talk to a Core Consultant
The core processor is essentially the brain of any credit union. It houses all of the sensitive member data that drives a credit union’s operations. It is the hub of information from which all automated processes and teller-driven transactions are drawn. Synergent is pleased to provide Symitar® Episys® core processing as an outsourced solution to… Read more »
5 Reasons to Offer Summer Skip-A-Pay
When you think of Skip-A-Pay, does summer come to mind as the right time for this offer? We hope “yes!” is the answer you have! While members have many motivations for wanting to take advantage of a Skip-A-Pay promotion, here are our top five reasons your credit union may wish to offer summer Skip-A-Pay to your members.
5 To-Dos For Your Member Identification Program
Do you know who your members are? (No, this isn’t a trick question!) Each and every member your credit union interacts with in an official capacity should be verified upon initiation of membership and in each subsequent interaction as part of your Member Identification Program (MIP). Not only is this done to ensure that you… Read more »
