How Community Financial Institutions Can Fight Back Against Fraud in 2023

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Financial crime has been around for a very long time. A recent rise in the prevalence of sophisticated financial fraud, however, is hitting the industry hard.

Fraud Prevention by digital communication

Credit unions have increasingly become a top target for fraudsters due to the amount of personal information they require from their members (Social Security numbers, home addresses, etc.). Especially during the holidays and other times when more transactions are taking place, CUs and community banks must fight hard to ward off would-be grinches.

Authentication tools factor in

Do you remember two-factor authentication (TFA)? It’s the login technology we use to prove who we are, and it began widely rolling out to banks in the 2000s. Today we call it multi-factor authentication (MFA) – the standard, trusted method to protect against increasingly sophisticated threats. 

Using these modern, secure MFA tools – which include Text, Video calling, and Real-time photo ID verification – community banks and credit unions can stay ahead of fraudsters, and members can not only access their accounts, but also know who is reaching out to them. 

Will it blend?

The key, though, is having the right blend of commonly used technologies and MFA tools – as part of a broad digital and in-branch communications strategy. Such a strategy will not disrupt your current environment.

Whether running a call center or integrating with its core banking system, a credit union or community bank achieves peace of mind knowing they have a broad digital and in-branch communications strategy that’s not going to break nor disrupt their current environment.

Where to learn more

Learn more about these strategies in our on-demand webinar How CFIs can fight back against Fraud, where we covered:

  • Why the rise in fraud is alarming for community banks and credit unions
  • Why phone, Texting, Video calling, and Real-time photo ID identification are now strongly preferred over email as methods of multi-factor authentication (MFA)
  • How you can easily authenticate your members’ identity using Text-based MFA
  • Examples of call center agents preventing fraud when Texting mobile phone callers

To watch the webinar click here:

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