How to Prepare Your Members for Fraud Threats During the Holiday Season

It’s hard to believe, but that time of year is here again – the time to visit with family, eat too many calories and celebrate the season. It’s also fraudsters’ favorite month. This year for the first time ever, online shopping will exceed in-store shopping, so it’s essential that credit unions give members the guidance they need to protect their information from fraud. Nothing is much worse than checking your monthly statement and seeing that someone has decided to steal your information to do their own holiday shopping.

Here are several ways in which credit unions can help members keep their information safe:

1. Encourage them to sign up for account alerts. When a large transaction occurs or the account balance is low, members should be notified immediately. Of course, your credit union has fraud detection and tracking measures in place, but your members need to know the resources available to them. Advise your members to opt in to text messages or emails with account updates.
2. Warn them to be wary when responding to emails. Although email is a great way to keep your members in the know, it’s also a common way for fraudsters to extract confidential information. Let your members know that they should never have to send payment information in an email, or expect an email from your credit union asking for account information. Sensitive information should be discussed over the phone after verification, or better yet, in the branch.
3. Make sure their information is up to date. Credit unions need to make sure they have the correct information on file should a member need to be contacted about suspicious account behavior. The sooner you can contact a member, the better. Remind your members to update their information regularly in case you need to reach them.  
4. Educate them on the danger of phishing scams. Phishing scams remain prevalent in online shopping. Members need to know that although a website may look legitimate, it may not be. Buying from trusted retailers is the way to go. Members just need to be sure they are on the correct website – it should have a secure domain for payment, indicated by https://, and no random letters or typos. If something on a website looks off, it’s best to follow your instinct and look elsewhere for gifts.
5. Credit cards are preferable. Although debit cards aren’t necessarily an unsafe option – especially if your credit union has proper anti-fraud protocols in place –  credit cards are a more prudent choice for shopping online. Debit cards provide direct access to a members’ funds, which can be dangerous. Your credit union can use this as an opportunity to educate your members on the credit card options you provide.
6. Don’t let them treat their wallet or purse like an information vault. These items can easily be lost or stolen, so members should only carry what they need – birth certificates, social security cards, voter registration cards, PIN and extra credit cards should be left at home. Additionally, members need to know what is in their wallets so they can contact the appropriate providers if they are missing. Maintaining a list at home with numbers for who to contact is good practice, as it dramatically increases the efficiency of response to these situations.

Our industry is all about serving others and looking out for the interests of our members and communities. Help your members keep the season happy and bright by protecting them from the risks of fraud.

EPL, Inc.

The biggest digital banking trends we've seen so far in 2017

Digital banking continues to change the way people manage their finances, and it is increasing in capability and adoption. Digital banking platforms are no longer an emerging trend in the financial industry – they’re becoming the norm for conducting transactions. They are, however, becoming increasingly sophisticated and accessible.

Here are the biggest trends we’ve seen in the digital banking space this year:

Cutting-edge data analytics. Credit unions are using member data in powerful ways that benefit both the credit union and member. By leveraging existing data, credit unions can analyze member behavior and tailor the products and services they recommend, which deepens relationships and increases revenue. Analysis of “big data” is becoming more advanced, allowing for personalization that members desire from their credit unions. 

Digital payments and mobile wallet. According to the Pew Research Center, 77% of Americans own a smartphone. Although branches are still important in building member relationships, the reality is that customers expect to be able to complete their banking transactions online. Mobile wallet is also increasing in popularity. People expect to be able to make payments with the click of a button, not with a credit card or check. Demand for these services will only increase.

Streamlined digital banking experience. A consistent, easily accessible digital banking expense is a must. According to the 2017 Digital Banking Report, improving the digital banking experience is a top priority for financial institutions. Customers expect to conduct transactions seamlessly across devices anytime, anywhere from an intuitive platform. They also expect access to help should they need it, in real time (e.g., a chatbot). 

Gamification. Many financial institutions are implementing game-like activities to incentivize their members toward certain behavior, as well as educate them on financial literacy. Relationship pricing (or loyalty programs) use gamification to inspire loyalty (think: points toward a reward like a lower loan rate for adding on additional services at the credit union). It can also be used to encourage behavior like depositing into a savings account or making a loan payment on time.

Prevalence of open systems. Legacy systems are being phased out to make way for open architecture systems that can be updated more easily and efficiently. Open systems allow for new software to be applied at a quicker rate, which is essential considering the rapid pace at which new technologies are developed. Open systems continue to replace outdated models. Customers want to be able to manage all of their finances from one interface – adaptability and integration with third party software are key.

When thinking about adopting new technology at your credit union, consider implementing these measures – they create a better experience for your members, and in turn inspire loyalty and engagement. Staying ahead of digital banking trends will help you outdo the competition and attract and retain the membership you want.

David McCullough

Senior Solutions Manager

EPL, Inc.

Product Spotlight: How EPL's CUe-Branch Integrates Design with Functionality

EPL has been constantly evolving our leading-edge, online and mobile banking solution, CUe-Branch, to stay ahead of the technological curve and meet the demands of our credit union clients. CUe-Branch provides credit unions with innovative, personalized ways to display their offerings, enriching the member experience and creating efficiencies at the branch. The intuitive design and seamless user interface of our online and mobile banking platform allows credit union members to access the data they need anytime, from anywhere.

Here are a few ways CUe-Branch allows credit unions to enhance the member experience:

• Intuitive Design. The design of CUe-Branch makes transitioning users (including new members) to the product much easier for credit unions, requiring little to no staff involvement. The design was created after in-depth research on usability for both the credit union member and staff. The widget-based dashboard makes the software easy to use and provides a clear visual on members’ financial status – they can view all accounts in one place from a single login.
• Member-to-Member Transfers. This feature allows users of CUe-Branch to transfer funds to other credit union members quickly and efficiently. They can schedule transfers or transfer funds immediately to another member of the credit union.
• Built in Person-to-Person Payments. Person-to-Person Payments (P2P) allows members to transfer funds to people outside of the credit union, regardless of where the account is held. The recipient doesn’t have to be a member of the credit union to receive the transfer. The transfers are easy to initiate via email or cell phone, and are safe and secure.
• ACH Origination. ACH Origination allows members to move funds to and from their account at the credit union to an account outside the credit union. For example, they can make a loan payment at another financial institution from their credit union account.
• Credit Union Customization. Each credit union has a custom look and feel for their CUe-Branch. Credit unions are able to create a branded theme for their CUe-Branch, and use it to market their products and services to their members. Each credit union can generate new revenue streams through targeted marketing initiatives. 

The features and intuitive design of CUe-Branch allow credit unions to provide a personalized experience for their members, which deepens relationships, increases engagement and drives revenue for the credit union. CUe-Branch is backed by our support team at EPL, who is available at any time to provide training on the product and assess its functionality to ensure optimal performance. This solution is ideal for credit unions looking to drive growth and increase profitability.

If you are interested in learning more about CUe-Branch, please give David McCullough a call at 205-408-5300.

David McCullough

Sr. Product Manager

EPL, Inc.