Protecting Your Credit Union From Fraud Starts in the Contact Center

May 10, 2022 12:39:12 PM

Even though credit unions present a variety of attractive attack surfaces for fraudulent actors and hackers, you can minimize the risk to employees and members with the right contact center solution … one that has proper security features baked in. Typically, credit union fraud occurs when an attacker gains access to certain information and then uses it to steal money. But if the credit union is using a top-notch business communications technology ecosystem, you can prevent attackers from ever getting the foothold to levy an attack. Read on to learn how the right contact center software can bolster fraud protection, as well as enable a customer experience transformation – establishing a loyal and long-lasting customer base. 

How Our Contact Center Solution Protects Members

At the core of Edify’s contact center software is a secure, cloud-native infrastructure that allows you to use realtime AI tools to not only assist agents but identify potential fraud and make the appropriate adjustments. Edify is suitable for even the most regulated industries since it’s HIPAA, PCI, SOC2 Type 2 compliant, here is what the most relevant compliances are for your credit union: 

PCI Compliance

What is it?

The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements intended to ensure that all companies that process, store, or transmit credit card information maintain a secure environment and implement the necessary controls, policies, and procedures for any company that accepts, stores, processes, or transmits credit card information.

SOC2 Type 2 Compliance

What is it?

System and Organizational Control (SOC) audits are designed to examine the policies, procedures, and internal controls of an organization. Testing and reporting on these controls are important because they impact the security of an entity’s sensitive data.

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Correlate Identification Information Using Multiple Channels

For fraudulent actors, it’s not terribly difficult to get ahold of one or two pieces of a victim’s contact details. For example, if someone using email on a public network were to leave their laptop open while taking a trip to the restroom, a fraudster could send an email to the person's credit union and, in an attempt to steal sensitive information, they may try to request an account number or login details. Sometimes, all the attacker needs is a relatively innocent piece of data, such as the victim’s zip code or street address, to complete the profile they’re going to use to impersonate them.

A thief could also pretend to be a frantic credit union member, reaching out because they need account information and can’t log in. In either case, because Edify combines several avenues of customer communication, a credit union employee could ask the thief to call or do a video chat to verify their identity. In this way, the credit union employee can better verify the person’s identity before providing any assistance.

Transfer Data Securely

Edify’s secure cloud contact center software enables the safe transfer of information between credit union members and staff. A thief trying to execute fraud can’t simply break in and access user data on an employee’s computer because it’s not there — it’s in the cloud.

This makes it extremely difficult to access the kind of information a thief would need to defraud a credit union member. Further, the security infrastructure that protects the login process can be set up to require the kind of identification information a thief wouldn’t be able to get their hands on. In this way, Edify puts a thick cyber wall between those looking to defraud members and the data they want. This creates a sense of security that builds member loyalty while supporting member retention.

Future-Proof the Member Experience

The members of today and tomorrow want a seamless communication experience, and Edify’s true multi-cloud, omnichannel architecture is able to meet those needs. Additionally, credit union employees want the freedom to be able to connect with colleagues and members just as they would with friends, using a variety of channels depending on what’s convenient.

Edify’s ability to incorporate email, text, voice, video, and social connections gives members and employees the flexibility they need to ask and answer questions and serve others — all without increasing the attack surface for thieves and frauds.

Edify also enables a seamless credit union transformation of your communications system. Because it unifies multiple channels, with Edify CX as part of your digital transformation, you get a comprehensive perspective on the customer interaction experience using data from several sources.

As a result, your credit union can move along with — and ahead of — customer experience trends, which increasingly point to members’ needs to communicate when and how they want. As you meet this need, you also position your credit union to grow along with its customer base because it’s easy to scale up, providing a range of communication options to more and more members.

Even though the online and mobile fraud landscape is evolving, you can stay a step ahead with Edify’s comprehensive, secure communications solution. With a contact center as a service solution, you can give your members all of the options they want. Learn more about Edify for credit unions. And sign up for a demo see how it works today.


Written by Edify

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