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Simplifying Fraud Protection to Improve Member Loyalty

Maintaining exceptional member service, CUs implement secure programs to decrease security threats and fraud.

By Michelle Harbinak Shapiro | Updated on August 04, 2017

Earlier this year I had the pleasure of hosting our Credit Union VOGUE end-user group at our offices in Westlake, Ohio, to discuss recent trends, technology best practices and new solutions the institutions have implemented since we last conferred. Of course, the topic of fraud came up, and as I looked around the room, I saw two things: Trepidation and passion.

I find these themes common within the financial services industry, especially in recent years, when many organizations find themselves in the limelight as victims of cyberattacks, putting their data and members’ information at risk. According to a recent study from Javelin, the “2017 Identity Fraud Study,” identity fraud hit an all-time high in 2016, increasing 16% and affecting 15.4 million victims in the U.S. The 2017 Identity Fraud Study identified four significant trends:

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