Given the vast percentage of online financial interactions members have with their credit union, credit unions could really use a reliable digital authentication solution that’s consistent across all touch points. If only you could simply ask for a physical ID in a digital setting and be 100% confident in the proof, right?
If only.
On top of it, everyone is justifiably alarmed by the increase in digital identity thefts and data breaches across multiple industries. These events directly expose sensitive personal consumer information to hackers.
It’s a problem as old as the internet
Digital identity has been an annoyance since the dawn of the internet. Even after more than 30 years, we still can’t prove we are who we say we are with digital credentials the same way we can with a physical ID like a driver’s license.
In the physical world, members can use government-issued ID for all transactions that require photo identification. Proving one’s identity online has primarily been restricted to biometric methods, such as passwords and challenge questions, which are both susceptible to fraud.
A standardized digital identity would help
There are two problems to solve. First, we need an accepted standard format. Ideally, something as universally understood as a driver’s license. It’s government issued, it contains a photo, staff members recognize it when they see it, and it’s difficult to counterfeit.
In contrast, when a member uses a digital credential, it must be in a format such that it can be read and verified by a machine. The second problem is to verify the source of the credential and vouch for the integrity of the credential provider.
Digital identification appears to suffer from a lack of standardization and lack of verified providers.
An excellent solution is at hand: MemberPass!
A form of self-owned identity, MemberPass, is a tidy solution to the nagging problem of what to use to provide members with a reliable digital identification and authentication method. It’s issued by the credit union, owned by the member, is portable and is nearly impossible for hackers to steal or corrupt.
There’s also a side benefit for the credit union. When you provide your members with a digital, self-owned identity you given them a strong reason to trust you. You’ve presented them with an incorruptible lifetime portable digital identity that can never be taken away.
If you haven’t already added MemberPass to your credit union, we’d be happy to arrange a personal demo
Seeing is believing, and you can email us to set one up. You can also register to attend a MemberPass webinar or visit us online at www.memberpass.com to find out more.
The convenience, security and fraud-fighting power of MemberPass should be part of every member’s financial wellness profile. The sooner you adopt the program, the sooner your members will enjoy the direct benefits!
Bonifii, a credit union service organization, offers MemberPass, a simple, secure, and convenient member identity verification method. MemberPass is a digital passport that provides convenient access to financial accounts while the members keep control of their private personal information. We leverage touchless technology to protect you and your members. Visit www.memberpass.com or email sales@memberpass.com
