By Mark Tullis | Posted - Dec 19th, 2022

 

 

 

 

Eltropy Helps Credit Unions Fight Fraud

While financial crime has been around since the dawn of time, a recent rise in the prevalence of sophisticated financial fraud is hitting the industry hard. Credit unions have increasingly become a top target for fraudsters due to the amount of personal information they require from their members (Social Security numbers, home addresses, etc.). Especially during the holidays and at times when more transactions are taking place, what’s a credit union to do to ward off would-be grinches?

Multi-factor authentication (MFA)—the login technology that requires users to prove who they are from more than just a username and password—began widely rolling out to banks in the 2000s. Like most technologies, MFA (formerly “two-factor authentication”) took time to catch on. Now it is the standard, trusted method to protect against increasingly sophisticated threats.

Using modern, secure authentication tools—including Text, Video calling, and Real-time photo ID verification—to stay ahead of fraudsters, members of community financial institutions (CFIs) can not only access their accounts, but also know who is reaching out to them. 

Eltropy, a digital communications platform based in Milpitas, CA with offices in Lehi, (profiled by TechBuzz earlier this month), shares how using Text, Video calling, Real-time photo ID verification + existing technologies can protect against increasingly sophisticated fraudsters.

“The key for credit unions is to blend commonly used technologies into the strength of multi-factor authentication tools,” said Ashish Garg, Founder and CEO of Eltropy. “When you have that right blend—Text, Video calling, and Real-time photo ID identification—whether you’re running a call center or integrating with your core banking system, a credit union achieves peace of mind knowing they have a broad digital and in-branch communications strategy that’s not going to break nor disrupt their current environment.”

Eltropy is hosting a webinar "How CFIs Can Fight Back Against Fraud" next month, January 18 at 11:00am MT. The webinar will cover:

  • Why the rise in fraud is alarming for community banks and credit unions
  • Why phone, Texting, Video calling, and Real-time photo ID identification are now strongly preferred over email as methods of multi-factor authentication (MFA)
  • How you can easily authenticate your members’ identity using Text-based MFA
  • Examples of call center agents preventing fraud when Texting mobile phone callers

Eltropy works with more than 500 community financial institutions to communicate with consumers via Text, Video, Secure Chat, co-browsing, screen sharing, and chatbot technology—all integrated into a single platform bolstered by proprietary AI, skill-based routing, and other contact center capabilities. 

 
Mark Tullis
About the Author

Mark Tullis - Mark is a co-founder and writer for TechBuzz. Born and raised in Ogden, Utah, Mark attended Weber State, Brigham Young, and Tufts Universities. He has worked in tech and publishing since the mid-1990s.

 

MORE TECH BUZZ NEWS


Our mission is to be a catalyst for the success of the Utah tech and startup ecosystem.

              Google News

All contents © 2022 IsoTalent Inc. All rights reserved.

TechBuzz is an IsoTalent company


Terms of Use and Privacy Policy

Newsletter - Sign up to receive TechBuzz News weekly