Every credit union, including yours, offers members multiple financial products through their choice of transaction channels using their preferred form of technology. And the list of new variations will continue to grow.
However, one unfortunate feature is common to every transaction, regardless of channel or technology. Every one of them carries a small but definite risk of fraud. And every instance of fraud comes down to a failure to verify the people carrying out the transactions are who they say they are.
To paraphrase a famous line from the movie, “Cool Hand Luke,” what we have here is a failure to authenticate.
Today, distributed ledger technology (DLT,) or blockchain technology, has been expanded to multiple different applications. Digital ID proof is one of the most prominent of these.
The events of the past 18 months have generated lots of interest in digital identity, especially portable forms that can’t be forged or falsified. Beyond finance, there’s a growing number of situations where traditional paper credentials just don’t work well.
This is where MemberPass comes in. This blog will explain how you can experience its benefits and improve the member experience across all channels at your credit union.
Let’s start with your call center
Call center fraud almost always comes down to an imposter who tries to con the call center rep. The scammer will usually try to sweet-talk the rep or use another approach to take advantage of their inattention or vulnerability. When they’re successful, financial loss and bad publicity typically follow.
MemberPass is your ticket to help avoid call-center fraud. When members use the MemberPass ID, they’re protected and insulated from the threat of identity theft, imposter fraud, or account takeover. With MemberPass in place, all forms of financial fraud can be virtually eliminated.
How about your ATMs and drive-through lanes?
Today, online and mobile channels account for the vast majority of routine financial behavior. Not surprisingly, this is also where most of the fraud attempts happen. More than 90% of them, in fact. However, you’ll still see occasional fraud attempts in your drive-through lanes and your ATMs.
You can fight these fraud attempts, too. When your members authenticate themselves with a MemberPass ID, you can be certain they are who they say they are. This is true in every financial channel and every financial circumstance. When your members use MemberPass, all forms of financial fraud are virtually eliminated.
MemberPass can also help you avoid scams in branches and at ITMs
After all, as we noted earlier, even in a mostly online world, physical scams still happen. Every time you authenticate someone, regardless of the channel or purpose, there’s an element of risk. MemberPass creates a different reality.
It’s a secure encrypted ID owned by the member. It delivers unmatched safety and transaction security. When your members ID themselves with MemberPass, you can be completely confident they are who they say they are, and you can trust the proof.
If you haven’t already added MemberPass to your credit union, we’d be happy to arrange a personal demo
Seeing is believing, and you can email us to set up your own demo. You can also register to attend a MemberPass webinar or visit us online at www.memberpass.com to find out more.
The convenience, security, and fraud-fighting power of MemberPass should be part of every member’s financial wellness profile. The sooner you adopt the program, the sooner your members will enjoy the direct benefits!
Bonifii, a credit union service organization, offers MemberPass, a simple, secure, and convenient form of member identity verification. MemberPass, a self-owned, digital ID, provides convenient access to financial accounts while the members keep control of their private personal information. We leverage touchless technology to protect you and your members. Visit www.memberpass.com or email firstname.lastname@example.org