Many credit union members feel that their assets are more secure than they would be in a conventional bank. Member security and fraud prevention are concrete measures that help to reinforce this understanding. Multi-layered security controls protect member information while decreasing the chance of fraud. For example, credit unions use customer contact centers to track activity, along with industry-leading technology to enhance care and protection for their members. A contact center will verify each transaction and can compare activity in real-time with a member’s spending patterns to determine whether the transaction is authentic or if further verification is required.
A credit union will use risk assessment tools to identify any threats or scenarios that could be damaging to the financial market, the credit union or its members. This means the credit union can analyze potential outcomes and develop procedures to shield themselves and their members from harm.
Credit union employees follow strict security protocols when handling transactions online, by phone, or in person, and are trained to handle irregular or unusual transactions with additional care. These procedures include employee verification of high-dollar checks on member accounts and requiring that when members request wire transfers over a set amount, they do so in person at a branch office. Online banking services are subject to remote authentication.
Finally, clear, up-to-date communication means credit union members can play an active role in their own security. Credit unions keep their members apprised of the latest fraud schemes and identity any potential security threats. They provide members with guidelines to safeguard accounts and personal information, thereby reducing the risk of a member becoming a victim of fraud. These are just a few examples of how credit unions keep their members safe. By prioritizing member security and fraud prevention, credit unions increase member awareness and trust.
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