5 Questions for Credit Union Leaders
Five questions leaders should ask to decide what credit card model is best for their credit union and members.
The Fraud Strategy team put all the tools to work to stop a recent large scale fraud attempt. Early detection tools empowered the team to prevent a fraud scheme that could have cost millions of dollars and resulted in thousands of fraud claims.
“Making things easier for members often means adding levels of complexity to the work we do in Fraud Strategy,” said Jill McFarling, head of Identity Fraud and Enterprise Reporting. “But thanks to advancements in technology and the knowledge base of our teammates, we can stay a step ahead of fraudsters.”
With the evolution of digital activity, fraudsters are finding new ways to attempt to break defenses using valuable personal identifiable information (PII) that may have been leaked in previous fraud occurrences with other businesses or institutions.
Many credit unions and community banks lack the resources or funds to continuously invest in fraud detection technology. Partners of Elan Credit Card, and their cardmembers, are protected by a dedicated Fraud Strategy team.
“The amount of investment we make in fraud detection, monitoring technology, and expertise are out of reach for many of our partners and is a priority concern,” says John Owens, General Manager for Elan Credit Card. “We are able to point to the success our team has had in stopping fraud events from occurring while still making it easy for members to complete their credit applications and purchases.”
The Fraud Strategy team’s role is to identify various fraud signals in this environment. We invest heavily in tech to find new fraud at the point of account origination. Fraud scores, device recognition and behavioral biometric tools, integrated with our identity proofing platform, can alert us early to possible fraud attempts.
As we expand our technology capabilities, we must also increase the advanced analytics skills on our team to monitor for fraud scams and trends and to keep up with broadening threat landscape.
Elan Credit Card aims to enable immediate credit line approval to provide purchasing power and access to rewards for current and potential credit cardholders. As we streamline our application process, our fraud experts work closely to ensure that as we strive for simplicity for cardholders, we are maintaining strong information security and keeping our partners’ trust.
If you are interested in learning how Elan can help your credit union grow, we'd love to hear from you.