Credit Union Makes Cards More Secure for Members on the Go
"Our mobile app allows our members to effectively manage their finances no matter where they are."
It is not enough nowadays for credit unions to just provide credit and debit cards for their members. They must also shield them from cybersecurity threats such as account fraud.
The $4.9 billion, East Lansing-based Michigan State University Federal Credit Union not only allows its members to effectively manage their finances, but also helps protect and secure those accounts from fraud with a couple of Visa enhancements first implemented last year.
The Michigan credit union’s members require some distinctive needs. “We serve a variety of different membership groups that are constantly on the go. From college students studying abroad and graduating students moving across the nation to working professionals and retired members traveling around the world, our mobile app allows our members to effectively manage their finances no matter where they are,” Deidre Davis, MSUFCU’s chief marketing officer said.
According to the FTC in 2017 there were almost 140,000 reports of credit card fraud in the U.S. involving new accounts (105,209, up 3% from 2016) and existing accounts (34,260, up 20% from 2016).
Along these lines, MSUFCU released two new features for its Visa credit and debit cardholders last year, offering its members greater control and protection over their accounts. Visa card lock and mobile location confirmation capabilities help their members feel more safe and secure while on the go, as they are always in control of their cards and notified of possible security risks to reduce fraudulent activity.
Breaking down the features:
- Visa card lock allows members to lock and unlock their Visa credit and debit cards from their mobile devices. For instance, a member forgets a credit or debit card at a restaurant. They can log in to their account through the mobile app and lock down the card to prevent any unauthorized purchases. Once the card is located and the member is certain there was no card compromise they can unlock the card with a few taps.
- The mobile location confirmation feature aids fraud prevention by comparing the whereabouts of a member’s mobile device to where their card is in use. By enrolling in this service, members’ devices share their locations with MSUFCU and Visa as a factor into Visa’s transaction approval process.
Read the full story in the August 15 issues of CU Times.