As a credit union, securing member data is a top priority. Yet, with fraud as pervasive as it is, and the tactics of fraudsters becoming more sophisticated by the day, protecting cardholders increasingly requires all hands on deck.
How can credit unions provide the safety net members need to transact securely wherever their daily travels take them?
“Integration and innovation go hand in hand when it comes to securing member data,” said John Buzzard, industry fraud specialist for CO-OP Financial Services. “A great way to improve security and minimize fraud is to integrate financial solutions, including debit, credit, P2P and personal finance products, under one technological roof and then police this ecosystem comprehensively.”
To that end, CO-OP’s recent acquisition of TMG unites the industry’s best in credit processing with the best in debit processing and network delivery.
“Tight integration across the new CO-OP enterprise will ultimately offer credit unions a single point of entry to the most innovative, tailored and cost-effective payments products in the marketplace,” said Buzzard. “CO-OP payments are also universally protected by our team of expert fraud analysts and the industry’s most powerful fraud prevention technologies.”
The Importance of Member Vigilance
While advanced tools and strategies provide an important behind-the-scenes defense for members, cardholders remain on the front lines of fraud, and their vigilance is essential to winning the fight.
“Member education is vitally important,” said Chris Sibila, executive vice president of payments and technology for Indianapolis-based Elements Financial. “Credit unions need to start a dialogue about security as soon as an account is opened and keep the discussion going at every member touchpoint.”
“We publish newsletter articles and blog posts on security to help members understand the risks and how to avoid them,” he added. Elements is also rolling out CardNav by CO-OP to give members the ability to control card usage, review transactions, and block fraud directly from the convenience of their smartphones.
“From all the data we have seen, people who use CardNav have fewer incidents of fraud, and credit unions learn about potential compromises much earlier because the member is part of the crime fighting team,” said Sibila.
To help credit unions empower members, Buzzard and Sibila have created “Top 10 Security Dos and Don’ts for Cardholders,” featuring proven strategies every member should follow to protect their data. We invite you to share these guidelines with members – you can download them in PDF format here.