Jumio is on a mission to help credit unions fight fraud. Many credit unions are worried about implementing a new system that might disrupt their current members’ experience. At the same time, they know they have to take a proactive approach to fighting fraud, because waiting too long could jeopardize their brand and ultimately lose members.
Here at Jumio we crafted the approach of “Bank with your smile,” as your face is the most important and unique aspect we can use to ensure you are who you say you are.
It sounds simple, but it really can be that easy. Smartphone users already use their face to unlock their phone and apps throughout the day. We leverage this existing behavior to combat fraud and improve your members’ experience.
When members apply for a new checking, savings, personal loan, mortgage, or credit card, the “Bank with your smile” approach helps credit unions ensure their members are who they claim to be in all interactions with the credit union.
Let’s consider the different types of fraud that credit unions need to watch out for:
- Sleeper Fraud: An individual applies for a credit card, establishes a normal usage pattern and solid repayment history, then maxes out the card with no intention of paying the bill.
- Synthetic Fraud: Fraudsters cobble together realistic-looking identities from stolen bank account data, Social Security numbers and other data to perpetrate identity theft.
- Account Takeover: Criminals gain access to someone’s bank account for unauthorized withdrawals and purchases. This is typically done through password breaches and password resets.
- New Account Fraud: A hacker uses another person’s personal information and good credit rating to open an account and borrow money using fake credentials.
- Social Engineering: The use of deception to manipulate individuals into divulging confidential or personal information that may be used for fraudulent purposes.
How can credit unions fight these different types of fraud? First, you must proactively implement a fraud-detection system that keeps fraudsters away from your business. Second, look for a single platform that meets your needs, not a variety of solutions that have to be stitched together. Lastly, make sure the platform you work with can scale with your business and provide you with the data and insights needed.
This is where Jumio comes in. In my role working with credit unions, I help them understand what’s happening in the industry and identify the best set of functionality for their unique business needs. This includes the essentials, such as checking the person’s ID and using liveness detection to ensure they’re physically present and not a spoof, as well as frictionless risk signals like device and email checks. We also offer AML screening to help keep money launderers away so you can meet your compliance requirements.
Perhaps most importantly, we provide biometric authentication, which helps keep your members’ accounts safe from being taken over by criminals by prompting them to take another selfie whenever they make a transaction over a certain amount, change their password, or perform other potentially high-risk activities. This is critical for helping your members feel safe and secure and also allows you to maintain your brand and reputation.
Jumio has everything you need to help safeguard your credit union and your members. Contact us today to start a conversation about your requirements and to find out how Jumio can help you succeed.
