Engage Members How They Want to be Reached

Potential fraud scenarios likely aren’t top of mind for the average member as he or she is battling the holiday rush. Because credit unions are more deeply versed on fraud and defensive strategies, they should push reminders and relevant information to their members, including tips and best practices for avoiding fraud scenarios and how to properly respond if something does go awry.

There are several tactics credit unions can deploy to effectively reach a wide variety of members. If a credit union has a regular digital or physical newsletter, for example, that’s a solid avenue to share information about fraud threats and ways to combat them. Same goes for a credit union’s website – this is a great vehicle for sharing information, as it’s something many members will access on a regular basis, especially during a busy shopping season.

Social media also provides a strong opportunity to disseminate information, one that credit unions don’t always fully maximize. Social media has gained immense popularity as a preferred method of connecting with brands and gathering news and information for all demographics, especially for younger generations. A survey by The National Retail Federation found that 24% of younger generations are planning to spend more money holiday shopping this year than last year, which indicates that they’ll likely also be more vulnerable this season. This susceptibility makes active engagement via Facebook, Twitter and Instagram, especially important to reach this particular audience. Remember, the fraudsters are using these channels to reach your members, too. Incorporating visuals or graphics is an effective way to increase engagement across all platforms.

To specifically target Generation Z, credit unions should consider leveraging video. According to a recent study by AdWeek, 95% of Generation Z regularly uses YouTube. A sharable video explaining tips and tricks for staying secure this holiday season could really resonate with this group.

And, don’t forget the branch. Even though branch traffic has generally been declining in recent years, the branch is still a significant point of interaction for many members. Training employees to proactively speak about fraud best practices and prominently displaying pertinent signage and literature can help reach members with a personal touch.

Fortify Internal Security & Properly Vet Vendor Partnerships

While it may sound obvious, another way to make sure credit unions are doing everything they can to protect members is to take a close internal look at institutions’ own security practices and protocols. In the age of proliferating cyberattacks, it’s likely that credit unions themselves will be the target of hackers at some point, and they must ensure members’ sensitive information is well protected with strong firewalls and appropriate data storage.

This also extends to evaluating security levels of a credit union’s vendor partners. Credit unions must practice due diligence when teaming up with technology providers that will house members’ data. Not all vendors are created equal, so credit unions must hold themselves accountable for thoroughly vetting each potential partner and validating their security controls, certifications and procedures before making a decision. An increasing number of credit unions are even leveraging third parties to help determine security and risk scores for their technology providers to ensure members’ data remains in the most secure hands. If something happens and information is compromised because of a vendor, members will ultimately blame the credit union and not the non-member facing partner, damaging member relationships and the credit union’s reputation.

By deploying targeted member awareness campaigns, practicing sound internal security and conducting proper due diligence with vendors, credit unions can better safeguard members’ sensitive information and funds. Credit unions have an advantage this holiday season because of their strong member relationships and commitments to service. Engaging members about what’s being done to protect them and what they can do to protect themselves builds a sense of confidence and trust that may lead to an opportunity for credit unions to gain wallet share, or even become the default card-on-file more often. The greatest gift a credit union can give is the sense of security; its returns can outlast most of the toys under the tree.

Scott Johnston is EVP/COO of Member Driven Technologies. He can be reached at [email protected].