Bonifii Blog2023-11-09T15:07:31+00:00

How to Protect Your Credit Union and Members from AI fraud with MemberPass

As a credit union, you are committed to providing the highest level of security and protection for your valued members. In today's digital age, where advancements in technology are accompanied by increasingly sophisticated fraudulent activities, it is crucial for you to stay one step ahead. That's why we are thrilled to introduce you to MemberPass digital ID, a groundbreaking solution that safeguards credit unions and your members from AI [...]

By |July 7th, 2023|

The Rise of AI Fraud: What Credit Unions Need to Know

The Rise of AI Fraud: What Credit Unions Need to Know As technology continues to advance, so does the sophistication of fraudulent activity. One of the most concerning threats in recent years is AI-powered fraud. Bad actors are using this technology to conduct increasingly sophisticated attacks on financial institutions, including credit unions. In this article, we'll explore what credit unions need to know about the rise of AI [...]

By |May 18th, 2023|

A Good Way to Assess the Value of Your Fraud Prevention Activities

Tips and ideas for your credit union Experienced credit union managers know the value of objective ROI calculations. They’re especially good – and handy – to have in your pocket when it’s budget time and your goal is to get more funding for your department. The truth is, however, for certain business activities, it’s hard to get good ROI data. More often than not, it’s because there’s [...]

By |August 11th, 2022|

Where on the Consumer Authentication Strength Scale do your members operate?

Research tells us it’s probably about level five. MemberPass will boost your members to level nine! Just as fraudsters use multiple different approaches to perpetrate financial crimes, there are at least nine levels of personal authentication. Authentication is crucial, because virtually all types of financial fraud start with a breakdown of personal identification. We’ll look at all nine levels. And we’ll pay extra attention [...]

By |August 2nd, 2022|

Antiquated Member Authentication Fraud is on the rise and traditional authentication methods no longer work to prevent it.

The financial technology landscape has evolved dramatically in the past few years. If you work in a credit union, you’ve seen this firsthand and know it to be true. Digital banking has continued to expand at roughly the same rate today as it has for the past few years. Yes, the technological foundation of how ordinary people manage their personal finances grew steadily for years. Then, COVID happened. [...]

By |July 26th, 2022|

When digital ID is an agenda item but not a budget item, what’s your approach?

2022 strategic planning is in full swing Every credit union leader knows the process well. It’s the leadership team’s annual opportunity to focus on the big-picture items. Leaders review and discuss their vision, the operational issues they face, the new measurable performance goals, and high-priority projects and initiatives for the upcoming year. This time around, perhaps you’ll also discuss questions like: How has our members’ pandemic experience changed [...]

By |October 28th, 2021|

Consumer financial behavior changes rapidly. Financial fraud changes even faster!

We all saw how drastically financial behavior changed during 2020. It’s not surprising so many people moved online, given the significant challenges associated with traditional lobby-based transactions. The more startling and unsettling thing is how financial fraud has also morphed and changed. Even while this criminal evolution happens, though, there are still elements common to all types of fraud. Content: Truth #1: Fraud grows [...]

By |October 20th, 2021|

MemberPass Digital ID Ensures Online Privacy

Now that nearly all member financial transactions either happen online or on a mobile device, authentication without disclosing too much is a challenge. It wasn’t an issue until recently. You’d ask a member for a driver’s license and compare it to the available reference information. This process doesn’t work well in an online environment. Enter verifiable credentials. “Verifiable credentials” is the general term for a secure, unhackable digital [...]

By |September 28th, 2021|

Open banking – Tailor Made for MemberPass Digital ID

Open banking – a simple concept with far-reaching impact It’s a fairly straightforward concept. The phrase “open banking” describes the technology to enable a member’s account information, transaction history, and related financial data to be shared with other institutions. It works through the use of application programming interfaces – APIs. While we won’t get into inner workings, the open banking concept appears to be a significant source [...]

By |September 15th, 2021|

MemberPass: strong protection against every kind of fraud in every kind of financial channel

Every credit union, including yours, offers members multiple financial products through their choice of transaction channels using their preferred form of technology. And the list of new variations will continue to grow. However, one unfortunate feature is common to every transaction, regardless of channel or technology. Every one of them carries a small but definite risk of fraud. And every instance of fraud comes down to a failure to [...]

By |August 27th, 2021|
Go to Top