In a time when cost cutting and efficiency are on the top of most credit unions' list, two credit unions have managed to not only cut costs but to beef up their fraud prevention practices.
Patelco Credit Union in San Francisco made the switch from a manual ID verification process for its online account originations to an automated system last year.
The new system, provided by IDology Inc., allows members to open up online accounts immediately instead of the usual one-day waiting period and eliminates the need for faxing sensitive information by asking members a series of personal questions queried from public records.
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