Cybercriminals' growing sophistication and catalogue of stolen personally identifiable information challenges many credit unions that seek better, quicker authentication solutions for online lending and call centers without affecting member experience.
"Properly authenticating online loan applicants is becoming a serious issue for many credit unions. On one hand, we as an industry recognize that consumers enjoy the speed and efficiency of Internet-based lending. On the other, credit unions still have a fiscal responsibility to their members to mitigate risk and comply with numerous privacy and security mandates," Terrence Corrigan, Loan Operations Manager, $240 million Cleveland-based Firefighters Community Credit Union, said.
The big question for credit unions is how to authenticate folks in a faceless environment.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
