Fraudsters stole more than $16.8 billion from 16.7 million U.S. consumers in 2017, according to Javelin Strategy & Research. With payments shifting to online and mobile channels as well as P2P, wearables and other smart devices, fraudsters have more pathways to infiltrate a consumer’s account and are quickly exploiting any security gaps. For example, card fraud for online purchases alone rose by 15% in 2017.
Even with the most sophisticated fraud mitigation tools, credit unions can only do so much to pinpoint fraud. Only members themselves know exactly how their cards are being used, which is why their participation in fraud detection and prevention is so critically important, especially during the upcoming holidays when fraudulent activity dramatically ramps up.
Delivering Security Through Self-Service
The best defense against fraud is an engaged member. But with members traveling to so many different places and using their cards for so many purchases, convenience is just as important as providing security. Members don’t want to spend a lot of time right before each trip updating their card preferences, travel notifications and informing their banking provider about their plans. They want the convenience of self-service on their terms.
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