In the quest to combat fraud, financial institutions, including Community Financial Institutions (CFIs), are increasingly turning to innovative tools and technologies. Among the standout solutions are video banking and texting, which offer compelling use cases in the ongoing battle against fraud.
Visual Verification with Video Banking
Video banking serves as a potent weapon in the arsenal against fraud. It provides CFIs with the capability to visually verify the identity of their members during remote interactions. Here are some key use cases:
- Identity Confirmation: Video banking allows CFIs to verify the identity of members, particularly during high-risk transactions or sensitive operations, such as opening new accounts, applying for loans, or authorizing large fund transfers.
- Face-to-Face Member Services: Offering face-to-face services through video banking enhances the member experience and builds trust. Members can interact with a live representative from the comfort of their homes, reducing the likelihood of falling victim to fraudulent impersonation.
- Document Verification: Video banking can be used to securely verify important documents, reducing the risk of fraudulent submissions.
Multi-Factor Authentication (MFA) via Text or Chat
MFA via text or chat is another valuable tool in the fight against fraud. It adds an extra layer of security by requiring users to authenticate their identity through a separate channel before granting access to sensitive information or transactions. Here are some notable use cases:
- Secure Account Access: Members are prompted to verify their identity via text or chat when attempting to access their accounts or perform transactions, reducing the risk of unauthorized access.
- Password Recovery: MFA can be employed to securely verify a member’s identity when recovering forgotten passwords or access credentials, preventing unauthorized account recovery attempts.
- Transaction Verification: High-value or suspicious transactions can trigger MFA requirements, ensuring that members are fully authenticated before approving the transaction and protecting against fraudulent transfers.
By leveraging these use cases, CFIs can strengthen their fraud prevention strategies and provide members with a secure and convenient banking experience. In partnership with innovative solutions like Eltropy, CFIs can implement these technologies seamlessly and stay ahead of evolving fraud tactics.
