Hint: it’s different and it’s decentralized.

Thanks to increased fraud risk, it now takes more steps to accomplish personal financial tasks

Even basic tasks usually require multiple touch-points and identity confirmations to complete a certain action. The multiple authentication steps are in place thanks to the steady increase in cyber-crimes. These high-tech frauds take assets from credit unions and deliver a big reputational hit to their public image.

Research demonstrates that members expect their credit union to take active steps to mitigate financial risks. They assume you’ve done what you can to reduce the chance of fraud, identity theft, and any other security breaches that may result in compromised personal information.

Members want protection, but they also want a fast, efficient member experience

And they want both at the same time!

Not surprisingly, consumers expect their financial institution to provide protections against fraud and security breaches. But since members typically have several different ways to access their accounts, this can get a bit clunky. Too often, each delivery channel is a silo with its own authentication method.

For example:

  • The call center uses knowledge-based questions
  • The lobby and drive-up require a driver’s license or other physical form of identification
  • Online banking access calls for a username and password plus, often, a two-factor authentication

There should be a better way, right?

Decentralized identity is your better path forward

Decentralized identity unlocks a seamless personal digital financial world. Decentralized identity solutions, like MemberPass, are based on a self-sovereign identity model. In contrast to the siloed model, this means you can issue members a single digital identity credential. This credential authenticates them quickly across all channels. It creates a distinctly better member experience. And any member who’s been dinged in the past by card fraud or identity theft would certainly be especially interested in the security MemberPass provides!

Credit unions should strongly consider adopting this trust-based digital solution to authenticate member identities. Your members will appreciate the high standard you set for yourself as you protect and safeguard their personal information.

MemberPass promises to revolutionize how you say “hello” to your members

Privacy-enhanced technology offers you a new type of secure, private and touch-less trust-based digital relationship – a better member greeting, as it were. The technology eliminates the need for multiple authentication methods, improves the member experience and gives them a lifetime portable digital identity that can never be stolen.

In fact, research we conducted with the Filene Research Institute showed that about 70% of members said that MemberPass would address their security concerns when they have to identify themselves.

Take a step toward creating greater digital trust between you and your members. It’s easy! To learn more about MemberPass, email us to request a demo or FAQ list, register to attend a webinar, or visit us at www.memberpass.com.

CULedger, a credit union service organization, offering MemberPass, the simplest, most secure and convenient method to verify your members through leveraging touch-less, privacy-enhancing technology to protect credit unions and their members from identity theft and fraud. MemberPass will revolutionize how say “hello” to a member. Visit www.memberpass.com or email sales@memberpass.com.