Using digital technology like a big bank
How was your holiday? Are the chargebacks rolling in yet?
It’s no secret – digital technology like mobile device usage has increased significantly over the years, making it a breeding ground for fraudsters. As credit unions continue to grow their membership, their fraud security treatments need to grow as well. Bigger banks are constantly updating their fraud tools and strategies to fight against cybercrime and, therefore, fraudsters are setting their eyes on credit unions. Even as I write this, fraudsters are searching and targeting credit unions that don’t have their mobile channel secured. They attempt to capitalize on any weakness or opportunity:
- Registering stolen cards to mobile wallets
- Taking over an account via mobile banking apps
- Using a retailers’ mobile app to make fraudulent payments
- Disabling the SIM card in the victim’s phone and diverting the one-time password sent through text message to their own phones
These are clever ways to commit fraud. But credit unions are becoming wise to these new threats and are serious about protecting their members. They are incorporating device intelligence with a solid identity authentication service. This multi-layered approach is essential to securing mobile channels, and protecting your Credit Union from chargebacks.
To learn more about our fraud solutions, click here.
