Wouldn’t it be great to have a team of super heroes protecting us from the unseen forces of evil all the time?
Sadly life isn’t a comic book (would be sweet if it was though!) The worst part is, while there are no real super heroes, there are real villains out there. Not the Joker with his acid squirting boutonniere or Oswald Cobblepot with his trick umbrellas and wind-up Penguin bombs (again, would be awesome though!) These villains sit in dark rooms, prowling scary places like the dark web in search of personal information. That’s why we need to take all the necessary precautions every day, not just for our personal safety, but our financial security, and online protection as well.
As a credit union, you have a responsibility to do the same for your members. You want to offer them all the modern conveniences of doing business in the mobile age, including Remote Deposit Capture. However you still need to protect them, and yourself from fraud. Is your current mobile solution your first line of defense, or is it an unlocked vault to a treasure trove of identity theft and fraud?
Many mobile platforms are beginning to develop or partner with advanced fraud solution providers. These add additional layers of security to your existing app, to give your members and your credit union more protection. In the age of RDC and pocket-to-pocket payments, it’s imperative that your mobile app be equipped to sniff out and shut down or notify your frontline of fraudulent activity immediately, before it’s too late to stop it.
There are multiple options that can be added to an existing mobile solution. However there are a few members you’re going to need on your hero team to truly put evil in its place:
- The Flash: Is it going to be quick and easy to implement and able to integrate directly with teller, branch, or item processing platforms?
- Iron Man: Just as Tony Stark relied on Jarvis to rapidly pull up data and offer scenarios in his helmet, a web-based solution will allow your tellers to run high-risk items against a wide database at the point of presentment and recommended what action to take.
- Spider Man: When taking down a gang of thugs, Spidey wraps them up together in a web and leaves them for the police so they can’t do any more harm. Batch can deliver responses to a web-based console for review within hours. Batches should be continuously monitored for a least a week or more for changes in account status.
- Super Man: Whatever the crime. No matter the danger. Whether it’s a mad scientist, and alien invasion, or a cat up in a tree, the guy in the blue and red pajamas is always swooping in to save the day with superior strength, and an unflappable smile. Do they guarantee a smooth on-boarding process, responsive customer service, ongoing training, and convenient one-on-one support?
LSC recently partnered with Advanced Fraud Solutions to add TrueChecks, an enhanced layer of fraud protection to the CU Mobile Apps solutions. TrueChecks offers quick and seamless integration for credit unions and monitors batches for an additional 10 days, just to be safe.
Now is the time to review your credit union’s mobile app and make sure you’re offering the most effective protection. Is your app the first line of defense for your members? If not, it’s time to add some additional strength to your team. That will make you the real super hero.
And you won’t even have to wear tights!