Product Spotlight: The Advantages of EPL’s General Ledger

In today’s digital world, providing accessibility and convenience is the name of the game. EPL’s Real-time General Ledger (RTGL), integrated within our core, i-POWER®, streamlines accounting processes and gives your credit union the world’s most valuable resource – more time. Time to focus on members, improve efficiency and drive growth. Our RTGL’s advantages are as numerous as its features, which are designed to empower your credit union with the back-end support it needs to be successful.

Here are just a few:

REAL-TIME, COMPREHENSIVE TRANSACTION INFORMATION. 

Real-time, up-to-date information is always available with EPL’s RTGL. All transactions are immediately posted, so any changes or corrections can be completed swiftly by your credit union’s employees as opposed to waiting until the following business day. Drilling down further, everything you need to know about the transaction is easily accessible: number, posting description, details, transaction updates, effective dates, etc. You can view all accounts and dive deep into the details with drag-and-drop search functionality. Imagine the power of knowing exactly where your credit union stands financially at any time.

ROBUST REPORTING.

A variety of reports are available on-demand and can be requested as needed, in PDF, or Excel format for may sub-modules. Reports are stored in the products documentation folder, and are sent to the credit union's external document management system for review. Easily-accessible reports enable credit unions to monitor and analyze key drivers, and provide necessary data to make informed business decisions.

AUTOMATION.

Automation improves credit union efficiency, as well as the member experience. With our RTGL, your credit union automatically can e-mail reports to specific users and groups. Furthermore, end-of-month finalization and closure of accounting periods are automatic processes within the general ledger. In the rare case it is needed, an Administrator can also correct entries after an accounting period has closed.

RESEARCH.

The ability to review products and transactions is critical to ensure your credit union can evaluate its status effectively. The research capabilities of the RTGL help mitigate business and compliance risk by providing the most up-to-date information to your credit union’ staff. Additionally, you can access critical data to complete federally mandated reports and evaluate your credit union’s current and historical financial status quickly and efficiently. 

MODULE INTEGRATION.

Credit unions have the option to activate additional modules within the RTGL in order to adapt to shifting operational and member needs, such as Profitability Accounting, Budget and Investment Module and Participation Loans Sold. The ability to use additional modules within the RTGL helps to increase efficiency and grow revenue within target verticals.

At EPL, we constantly evolve to meet the shifting demands of the industry, and invest in innovative tools that empower our customers to better serve their members. In 2017, the number of credit unions using our core platform has risen steadily, thanks in large part to our commitment to providing unrivaled customer service and developing leading-edge software solutions – the RTGL is no exception. To learn more or schedule your RTGL activation, contact your EPL Relationship Manage today!

Magdalena Kądziołka

Real Time General Ledger Product Specialist

EPL, Inc.

International Credit Union Day: Our Favorite Things About the Industry

October 19 is International Credit Union Day, and EPL is excited to celebrate! Credit unions are powerful and positive forces in their communities, and the service with which they provide their members is unique. We are proud to play a part in helping credit unions and members alike achieve their business and financial goals.

In honor of International Credit Union Day, we have compiled a list of a few of our favorite things about the credit union industry:

1. The members. Credit unions wouldn’t be successful – or even exist – without their members. The people who choose to trust credit unions with their finances make working in this industry special. Credit unions take immense pride in serving members well because they are more than just “customers” – they are the ones in the driver’s seat.
2. The mission. Prioritizing members over profit sets credit unions apart from other financial institutions. By providing competitive rates and empowering members with the financial information they need to make the best decisions, their interests are served over all others. Everyone in the industry works toward a common goal: financial health.
3. The community. By joining a credit union, members choose to be part of a community of like-minded individuals that value service and transparency above all else. Credit unions have a personal connection with their members. Other financial institutions simply aren’t as involved in their local communities as credit unions.
4. The innovation. The industry has seen immense innovation in the last few years, and it shows no signs of slowing. Mobile banking continues to be a game-changer. Data integration is giving credit unions more functionality than ever before. Business intelligence is allowing credit unions to tailor recommendations to their members’ needs. These are just a few ways in which credit unions are continuing to provide optimal service and meet members where they are.
5. The growth. The credit union industry continues to be a powerful player in the financial services space. According to CUdata.com, credit unions are experiencing a positive trajectory in multiple areas. The 12-month growth rate for membership is 4.2 percent. Member business lending has grown an unprecedented 16.8 percent in the last year. People are continuing to look to credit unions to meet their individual and business needs.

We are thankful to our credit union partners and their members for allowing us to work with them each and every day. We look forward to continued success together. Join us in celebrating our great industry!

EPL Staff

EPL, Inc.

How EPL’s i-POWER Creates Efficiencies in Lending

As credit unions and other financial institutions know all too well, loan origination and servicing are critical components of doing business. It is increasingly important to be able to provide competitive, compliant loans and quickly respond on loan approvals. All lending professionals know that member expectations are constantly changing as the market shifts and new technologies are developed, and it’s highly unlikely that members are entering your branch and filling out applications like they used to. In order to meet members where they are, it is vital to adopt the right technology and develop efficient processes which address their needs quickly.
 
Our core solution, i-POWER®, makes the lending process less cumbersome. i-POWER is a robust system that encompasses many facets of a credit union’s business, from transactions to member relationship management to cutting-edge lending capabilities. i-POWER supports consumer, indirect, home equity, mortgage and business loans, as well in-house credit cards. It services both investor loans and escrow management for mortgages. 

Here are several ways in which i-POWER streamlines lending:

1. Custom loan origination. i-POWER has three loan origination system options which offer varying features, enabling credit unions to select the system that best meets their specific needs. Each system is user-friendly and integrated, which eliminates the time-consuming process of rekeying data. 
2. Time-saving features.  At loan origination, i-POWER has many features available that simplify the lending process, such as automated decisioning, integrated credit reports, automated document generation, queue management, integrated task lists and e-signature capability, enabling your credit union to close loans in minutes. Information is readily available for loan servicing, including ongoing management of loans (e.g., escrow analysis and management). i-POWER also has the ability to create, document and track subsequent action activities such as extensions, skip-a-payments, changes in due dates, among other capabilities.
3. Easily accessible information for both staff and members. Credit union staff can view key loan information on the Member Profile screen, and can drill down to see specific information, such as collateral information, documents, payment history and more. Members can access their loan application and documents 24/7 via online or mobile applications – a necessity in the digital age in which we live.
4. Integration to third party solutions. Integration to other components of EPL’s system, as well as third party solutions, is key to innovation. Not only does it provide credit unions with additional options, but a seamless integration further streamlines your loan processes and allows you to customize your member experience. 
5. Management reporting. EPL’s i-POWER core system provides various management reports for credit unions to effectively manage their loan origination and loan portfolio. Through reporting, management can ensure loan requests are being processed promptly, and can access various analytics to determine the quality of loans requested. These reports also provide insight into loan portfolio performance and other key metrics.

With i-POWER®, credit unions can make the lending process more efficient, thus closing more loans and ensuring member satisfaction. Access to competitive loans is a key driver of credit union business, so an investment in a solution that makes it easier is a no-brainer.

Yvonne Sambrano

Sr. Lending Solutions Product Manager

EPL, Inc.

2017 PAT Conference in Review - 5 Key Takeaways

Our Product Advisory Conference, which took place in Denver last month, gives us the opportunity to share new products and initiatives that demonstrate how we are staying on the cutting-edge of software development. It is also a platform for our customers to give feedback and acquire knowledge from their credit union peers. This year’s theme was “Evolve Constantly. Perform Exceptionally. Lead Boldly.” These three tenets represent the core of what we do at EPL as an industry-leading software development and services company.

While many great achievements were covered, new initiatives planned and wonderful experiences shared, we simply don’t have the space to recap it all here. So, here are EPL’s top five takeaways from what was surely the best conference yet!

1. Progress on the product roadmap. We were pleased to show substantial progress on our product roadmap, which will provide our customers with the solutions they need to remain competitive in the marketplace. Together with Dedagroup, we are developing innovative software solutions and unlocking new opportunities through partnerships with organizations like Juniper Payments, LLC. Our new, innovative General Ledger, robust Relationship Pricing package, new In-House Credit offering, CUe-Branch online and mobile banking upgrades, Teller Operational efficiencies, User Interface enhancements, OFAC/FinCEN and our new EPLOS lending solution are just a few examples of the latest and greatest things happening at EPL. We shared even more robust i-POWER® and proprietary solution updates, including a 188% increase in development!
2. Client responsiveness. We are actively listening to our clients’ needs and responding accordingly. We evolve our products and services constantly to meet the demands of our clients and the marketplace. EPL is dedicated to developing solutions that empower credit unions of all sizes with software that improves member experiences and drives real growth.
3. Culture of collaboration. We are focused on a culture of collaboration within EPL, as well as with our customers. The Product Advisory Conference provides a unique opportunity for credit union leaders to share ideas and gain new insights on what is working for them in the industry. By working with our partners at Dedagroup, we will continue to enhance our software, expand our services and create new efficiencies.
4. Security and compliance agility. We provided a security and compliance update that informed our customers how we are staying abreast of compliance issues in the industry, including the Credit Bureau Furnisher Data Reporting changes. We want our clients to know that we are anticipating industry shifts as well as security concerns by sharing key initiatives and actions we are taking to comply with industry regulations.
5. Position as a global company. Finally, we shared how we – EPL and Dedagroup – are driving a collaborative, inclusive, take-action culture. We are leveraging expertise from our organization and partners to develop comprehensive solutions for EPL’s clients. This effort spans across the globe, from our resources in the U.S. and Mexico to Italy. Along with our partners Dedagroup, Juniper Payments, LLC, we are accelerating the delivery of quality solutions.

EPL is excited about the positive impact we are making while serving our customers and their members. We look forward to continued collaboration as we develop software solutions that meet emerging needs and position ourselves for an extraordinary future together.

Robin Kolvek

CEO

EPL, Inc.

Introducing EPL’s New Corporate Logo

 

 Say “Hello!” to EPL’s new corporate logo and refreshed visual identity system. This is an exciting time for our organization as we look to the future – both for our company, and the credit union industry as a whole. We are not the same company we were just two short years ago, and our new look is the culmination of a period of transformation – transformation into a software development company that provides the most competitive financial products and best customer service in the market.

Our vision for the future is both collective and aspirational in nature. Alongside our partners at Dedagroup, who made a majority investment in EPL in 2015, we’ve doubled down on our commitment to relentless innovation and focused intensely on creating the best customer experience through adherence to the three core tenets that drive and define us – Evolve. Perform. Lead. These tenets, which define our acronymic name, are easily witnessed through the consistent results we deliver to our customers.

After countless hours of exploration, organizational introspection and stakeholder participation, we decided it was finally time that our aesthetics aligned with the bold new course we have we have charted with Dedagroup – a course toward the realization of industry-leading technologies delivered alongside unrivaled customer service. The new EPL logo better reflects our company’s forward-looking vision and innovative aspirations, pursued constantly by a team devoted to developing viable, affordable and savvy software solutions that improve customer profitability and enhance the user experience.

Typography and Color Palette

The humble, yet confident typography and inherently approachable color palette pay homage to the first-class products and service EPL provides in a more modern, aesthetically pleasing manner.  

The Mark

The circular design of the mark points to the global perspective and resources brought to EPL by Dedagroup, while telling a deeper and more meaningful story. It is comprised of three elements that represent our three tenets – Evolve. Perform. Lead. – which are organized in a manner that empowers the viewer to visualize each individual letter of EPL within the circular mark itself.

The Payoff

The payoff – “A Dedagroup Company” – tells the world that we are fully integrated and aligned with our partner, and a member of the Dedagroup family of companies. It gives further credence to Dedagroup’s confidence in EPL as its first U.S. partner, and is a second nod to the global perspective and resources the partnership affords us.

So, what’s next? Well, our upward trajectory will continue. We will evolve in an ever-changing financial marketplace, catering to the changing needs of our credit union customers and providing the speed of access to financial information that members demand. Our robust software solutions will perform at the highest level in the marketplace, giving us a competitive edge over other core providers. Finally, we will lead our industry and set the standard for true innovation, customer service and employee satisfaction.

This is who we are. This is where we’re going. This is the new EPL.

EPL Staff

EPL, Inc. 

 

Paving the way for CDCUs with CU Impact

Last fall, we shared a very exciting and meaningful, announcement: we forged a new partnership with the National Federation of Community Development Credit Unions (Federation) to create CU Impact, a shared core banking platform designed specifically to help credit unions deliver affordable financial services to low-income members in underserved communities, which will have a massive impact on community development credit unions (CDCUs) and the communities in which they operate. We are now excited to announce that this partnership has been officially finalized, and we cannot wait to get the ball rolling. Not only is this an exciting new business venture for EPL, but also a great cause we were excited to get behind.  

Each year, 90 million Americans living in unbanked or underbanked households pay more than $90 billion in fees and interest to payday lenders and other lenders outside the financial mainstream. Most CDCUs, similar to other CUSOs and credit unions, have instilled within them the great desire to provide exceptional customer service. However, they are often strapped for resources, and therefore the advanced technology needed to provide a superior member experience. This is part of the reason we stepped in to help—EPL wanted to empower the Federation with the software solutions and services necessary to allow member CDCUs to expand access to safe, affordable banking products and services, and reach a greater number of underserved households.

Our core solution, i-POWER®, is known for its modern versatility, flexible integration capabilities and convenient plug-and-play functionality. This perfectly positioned us to work with the Federation, alongside our parent company, Dedagroup, to leverage the modern platform i-POWER® and develop CU Impact so that CDCUs have the opportunity to provide exceptional service, measure results, efficiently report and consolidate a number of essential tasks. By aggregating the accounting, compliance and processing functions across credit unions with a shared mission, CU Impact achieves economies of scale that allow credit unions to invest more in their members and communities.

Since our recent announcement, we have been working tirelessly to perfect the rollout of this product—after all, it will be serving more than 5 million residents of low-income urban, rural and reservation-based communities! We believe hearing from the people that will be using our software is most effective and influential, which is why a software advisory committee of leading community development credit unions will prioritize CU Impact software design and enhancements. CU Impact will be the first core platform that will support, deliver and measure the impact of credit union products and services that build the financial security of low-income members.

This initiative has been in development since 2013, when Citi Community Development provided financial support and expert insight to the Federation to determine the viability of building a dedicated core banking system to power the growth and impact of credit unions. Under the terms of the agreement, the Federation will purchase preferred stock in EPL, and we will match the Federation’s investment in CU Impact on an ongoing basis. Additionally, The W.K. Kellogg Foundation recently granted $559,500 for enhancements to CU Impact for the automation of small dollar loans and matched savings accounts.

Needless to say, we are thrilled to be a part of this meaningful and exciting venture, and look forward to our software having the opportunity to make a true difference for these CDCUs and the underserved, low-income individuals that they serve.

Robin Kolvek

Interim CEO

EPL, Inc.

EPL’s May 2016 Product Advisory Team Meeting Recap

May was an exciting month at EPL, as we were thrilled to host our second Product Advisory Team (PAT) Meeting here in our hometown of Birmingham, Ala., at The Wynfrey Hotel on May 23—24, 2016. The biannual strategic meeting provides an avenue to connect more deeply with many of our credit union customers, discuss new developments within EPL’s “Connection Suite” of products and collaborate to identify collective top areas of focus for the upcoming year.

This customer-centric event is significant and meaningful to EPL, as we value our customers and their members’ experiences above all else—it is the core of our industry. We were very pleased with the turnout at the May meeting, with a larger number of credit unions participating than at our first PAT meeting in September 2015. The increased participation is more evidence that our customers know their voices are heard, and they value the opportunity to connect with us and other credit unions in this forum.

Not only is the PAT intended to be the direct voice of EPL’s customer base, but also is intended to empower growth, maximize revenue and improve members’ experiences at credit unions of all sizes. During the first day of meetings, we had the opportunity to discuss progress on initiatives laid out last fall, including general ledger enhancements, relationship pricing, in-house credit cards, proprietary lending services, e-communications, teller operations, online banking and other functionalities of our technology offering, such as security, client support and architecture.

On day two, we engaged collaboratively to hone in on top areas of focus, and will direct our attention toward additional capabilities for the general ledger, more choices and options in lending within i-POWER® and also via integrations, online banking enhancements, major additions to document management, user interface enhancements and advanced account research, including great ATM, debit card and electronic interaction enhancements.

We have recognized the critical need for more in-depth communication on industry issues, and need you—our subject matter experts—to share your institutional knowledge and experience with us during our smaller focus groups. Your insight is invaluable to the process, and plays such a vital role in helping us discover what is working well and what we need to improve upon. Customer insight is what allows us to continue to build a system that better accommodates evolving needs.

Our post-meeting feedback surveys showed that customers positively responded to the new format of the meeting, and we will continue to refine our approach in an effort to increase engagement and streamline various processes. One thing is for certain—we are convinced of the value created by our PAT meetings—not just for improving EPL’s technology offering, but also for building deeper relationships with our customer base as a whole.

At EPL, customer collaboration does not begin with or end at the PAT meeting. We invite you to continue to share your thoughts, concerns and ideas with our customer support team as we look toward our next PAT meeting in November 2016. Until then, we will work tirelessly to deliver on the issues that that matter most to our customers.

If you have questions about EPL’s PAT, please let us know on Twitter, Facebook or via email at rhiannon.stone@epl.net!

Rhiannon Stone

VP, solutions delivery

EPL, Inc.

2015 in review: An open letter from EPL’s CEO

The start of a new year affords me two unique opportunities—a chance to reflect in earnest on the successes and failures over the course of the past year, and to affirm strategic goals and areas of focus moving forward.

As easy as it is to get caught up in day-to-day issues, it’s imperative that we, as a team, take a step back and look at the big picture—to piece together the puzzle and appreciate where we stand today in comparison to one year ago. With great confidence, I can say that, to me, 2015 represented 365 days of unprecedented forward movement, growth and visibility for EPL, its customers and its industry partners.

2015 was the year that Dedagroup ICT network entered the U.S. market and identified our company as its first partner by making a multimillion dollar investment in our team. The effects of this have been overwhelmingly positive, providing our team with technological and capital resources that have propelled us from being a relatively small core solutions provider to an industry disruptor that is part of a global brand generating over $3 billion in gross revenue. EPL’s people have always been the driving force behind the successes we’ve enjoyed, and now our team is equipped better than ever to dominate the competition and capture significant new market share. 

EPL’s reputation for exceptional service is rooted in our brand’s identity—customers know it, and so do our competitors. That fact that 2015 marked the return of a former long-time customer, North Alabama Educators Credit Union (NAECU), speaks volumes about the incredible value we create by delivering industry-leading service and solutions. Customers like NAECU who have experienced the EPL difference find that big-box providers simply aren’t equipped to provide the responsiveness and attention that we give our customers every single day.

The warmth of the summer brought a contagious momentum that perforated the room at our 2015 Customer Conference in Orlando, Fla., where we introduced our Dedagroup partners and unveiled EPL’s new direction. We gathered feedback, socialized and together looked toward the future. As we reconvened in the fall at our Product Advisory Team meeting to finalize our new product roadmap, it became clear to me that this palpable momentum had not waivered, but instead gathered steam.

And gather steam we did! Soon after the Product Advisory Team meeting, a strategic partnership with the National Federation of Community Development Credit Unions was announced to develop CU Impact, a  core banking platform designed to scale the delivery of innovative products and services offered by credit unions operating in low-income and underserved communities. Throughout 2015, our skilled team was able to  develop new proprietary solutions and deliver 12 releases, including four major product releases for i-POWER®, with areas of focus in accounts payable and lending, as well compliance, security and technology enhancements.

Also, in the fall, our team was thrilled to announce that EPL’s board approved a measure to eliminate the TRiP charge from our customers’ invoices, saving the collective group approximately $1 million per year. TRiP highlighted six specific areas of technology development—security, client platform support, application architecture, database and database architecture, integration services, and hardware and operations—and many key milestones have already been reached. EPL’s continued focus on technology development will ensure the long-term sustainability and viability of i-POWER®.

Internally, we recalibrated our leadership hierarchy, assigning new roles and responsibilities designed to increase growth through an intensified concentration on product and business development. With open arms, the EPL team welcomed our Dedagroup NA colleagues and their wealth of expertise into our offices as additional resources to help us achieve the strategic goals set forth by our Product Advisory Team. The progress we’ve made thus far led us to a consensus that in 2016, in lieu of holding our annual Customer Conference, we will double down on our Product Advisory Team meetings and initiatives, incorporating regional meetings as requested.

Looking back over these tremendous accomplishments, it would not be a stretch to say that perhaps 2015 was our best year to-date. What I can say with certainty is that this past year was only a glimmer of what is to come for our team and our partners at Dedagoup NA.

2016 will see the integration of a real-time general ledger, a new in-house credit card module, improved batch credit card interfaces, new relationship pricing functionality and a few other exciting surprises for our loyal customers.

I’ll leave you with this—none of this would have been possible without the hard work and dedication of our entire team.

Together we solve problems, develop innovative solutions, support one another’s creativity and out-of-the-box thinking, and constantly challenge the status quo. Ordinary efforts don’t produce extraordinary results, and it’s evident to me that nothing about EPL is ordinary. So today, I express my sincerest gratitude to each member of the EPL team for your tremendous efforts, and to each of our customers and partners for traveling the road to greatness with us. I assure you the best is yet to come.



EPL Staff

EPL, Inc. 

New Year, New Core

With the New Year comes new resolutions, intended to improve a variety of aspects of life in one way or another. While many associate New Year’s resolutions with the promise to live a healthier lifestyle or drop a bad habit, business owners tend to strive for less cliché goals intended to create long-lasting, positive effects for their company. These may include streamlining operations or achieving strategic growth goals. For credit unions, one such resolution should be to determine if it is the right time to integrate a new core solution and then to take action. 

A reoccurring phenomenon among credit unions is many never think the time is right to begin the process of conversion—so, what better time to make a move than with the start of a new year? Optimizing core functionality can be a key differentiator as you work to hit 2016 growth goals and reach benchmarks in your long-term strategic business plan. This process should be looked at as a solution—an opportunity to improve technology and service offerings, thereby improving the overall member experience for your credit union. To guarantee this process is seamless, you need to ensure both the core and the core provider are the right fit for your credit union, as a one-size-fits-all approach tends to generate inferior results and dissatisfaction.

To effectively begin the process, one of your credit union’s Q1 2016 goals must be to identify your specific needs. Whether your credit union is outpacing its current technology platform or your core provider’s service is lackluster, the motivators that are driving you to make a switch need to be noted and highlighted in your selection process for a new solution. For providers to work collaboratively with credit unions to generate an ideal solution, they must be able to identify how their core can meet the criteria you’ve outlined in your internal technology assessment. A tailored approach by a company that understands your credit union’s needs is a vital component to a successful conversion and leads to achieving your long-term objectives.

As our CEO, Wayne Benson, noted in a recent article in CUToday, “One of the most important questions your credit union must ask, and in turn core providers must answer, is what can we do to streamline the process? There are numerous considerations at play: data protection, compliance and regulatory issues, third party integrations, staff and member experience, customer service, and of course—architectural changes. A provider must factor in these and other variables to ensure inoperability issues are addressed, not created—an unfortunate byproduct of poor customer-vendor communication.”

The key in this process, and in your decision to convert in 2016, is to preserve the mindset of acting proactively rather than reactively. Changing in preparation for shifting member demand and technological evolution is a much more comfortable proposition than changing because one no longer has a choice. Innovation within the financial industry is already happening and will continue to improve, so don’t let the fear of change put you at the back of the pack.  

Cheers to a Happy New Year full of success and growth!


Robin Kolvek

Senior VP of Business Development

EPL, Inc.

‘Tis the season for fraud

The holiday season is upon us, and we all know what that means—shopping. Lots of shopping. Unfortunately for us all, our friends and family aren’t the only ones excited about the upcoming gift-giving festivities—fraudsters are waiting in the shadows, giddy at the thought of purchases being made by people who never learned how to protect their personal and financial information.

Just two years ago, over 40 million holiday shoppers were outraged to find that hackers had stolen their credit and debit card information as they swiped their cards at Target retail locations—one of the largest hacks of its kind. Since then, the prevalence of online shopping has grown exponentially and we should expect instances of fraud to increase accordingly due to hackers’ growing abilities to infiltrate online stores. In fact, a recent ACI research study revealed that fraudulent transactions on e-commerce sites increased in 2015, with one out of every 86 transactions found to be a fraudulent attempt.

Additionally, financial institutions and retailers are in a time of transition as they switch to EMV technology, making them vulnerable to fraud. The move to switch to more secure chip cards for in-store purchases, which seeks to decrease fraud long-term, is likely to increase fraudulent attempts during the transition period. Merchants who are still running magnetic strip transactions are significantly more vulnerable, as fraudsters will target their facilities in an accelerated manner before time runs out.

Members rely heavily on credit unions to protect their data and safeguard financial transactions, but that is only half of the equation. Credit unions have a responsibility to arm their members with educational tools and practical advice on how they can decrease their chances of becoming victims of holiday fraud. Below, we’ve compiled several tips that can help keep your members safe when shopping online:  

• Beware of mobile checkouts. While e-commerce certainly makes life more convenient, online technology has an abundance of loopholes
• “Buy Buttons” are too new to trust. The addition of click-to-purchase technology to social media is transforming it into an online marketplace, but the concept is still so fresh that retailers may not have sufficient protections in place.
• Avoid opening emails you don’t recognize. As mobile technology permeates nearly every facet of our lives, phishers now are attempting to steal consumers’ financial information and inconspicuously request money through phishing attempts online, such as emails.
• Keep a close eye on your accounts. Members should pay close attention to ACH items and outgoing wires on each of their cards and accounts to ensure there is no unauthorized activity.
• Make your credit union aware of travel plans. Encourage your members to inform your credit union if they plan to travel out-of-state for the holidays. If they are not traveling, it will be simple to flag purchases made in an unusual location.
• Consider lowering daily limits. Especially during the holiday shopping season, it can be a wise move for members to lower their daily spending limit to decrease risk should their information be compromised.
• Stay educated, stay safe. Teach your members about anti-fraud measures your credit union has in place to protect them so that they better understand their own responsibilities.
• Keep the lines of communication open. It’s easier for members to pick up the phone and ask questions when there is an ongoing dialog with their credit union about online security. Perhaps someone is unsure about a charge but won’t investigate further because they are afraid to ask or don’t know who to talk to. Make your credit union a place where members feel comfortable coming to ask questions they might think are silly.

It’s important to note that there is no way to guarantee 100 percent safety for anyone. Hackers inevitably find ways to exploit system weaknesses as fast as merchants can fix them – especially online. Fortunately, by following a few simple safety precautions, your members can greatly reduce their risk of becoming another fraud statistic. So play it safe, stay smart and stop fraud before it starts.  

John Freeman

Senior VP of Compliance and Security

EPL, Inc.