Germ-ridden Interactions May Boost Use of Contactless Verification
The impact of COVID-19 has brought with it the need for credit unions to adapt quickly and effectively to a set of new realities. Member behavior has shifted—mobile banking interactions are up 200% and call center volumes have skyrocketed to more than 300%.
This is a jackpot for fraudsters. Criminals are coming after stimulus checks, pretending to be sick employees, creating synthetic identities to get access to accounts, changing wire transfer information and sending compromising emails to lure members to disclose personal details to sell on the dark web. As a result, identity theft will continue to be on the rise.
Credit unions need to start asking themselves these questions:
- When branches begin to open, how will you verify your members’ identity if they are wearing face masks and are apprehensive to hand over their driver’s license or another physical form of identification?
- How will your credit union balance this new, contactless way of verifying and building trust with your members while preventing more fraud?
- How are YOU going to protect your members in this new normal?
Coming out of the pandemic, members will be trying to figure out ways to avoid touching more things than they have to. MemberPass establishes a secure, encrypted connection between the credit union and the member creating a contactless verification within seconds while improving both security and the member experience. It also presents an opportunity for your credit union to reduce identity theft by giving control and ownership of personal data back in the hands of your members allowing them the right to share information, how and where they choose.
The coronavirus outbreak will end, but the new habits members are forming today will likely stick around to create the “new normal” for tomorrow. Will your credit union be ready?
Taking the next step toward contactless verification between your credit union and your member is easy. Your first step is to become a participant in the MemberPass Trust Registry and establish your place in our implementation queue. All you need is six pieces of credit union information and $2,500 and we do the rest! Visit www.memberpass.com/registry and start today!