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 [...]
Equifax Launches Digital Identity as a Service
Equifax Launches Digital Identity as a Service Introduces Innovation Partnership with Bonifii as a first adopter of new solution ATLANTA, October 13, 2021— Equifax (NYSE: EFX) today announced the launch of its new Digital Identity as a Service capability as well as an Innovation Partnership with Bonifii as a first adopter of the new solution. “The Equifax Cloud™ is helping our partners and customers address the evolving fraud landscape [...]
Equifax Launches Digital Identity as a Service
Equifax Launches Digital Identity as a Service Introduces Innovation Partnership with Bonifii as a first adopter of new solution ATLANTA, October 13, 2021— Equifax (NYSE: EFX) today announced the launch of its new Digital Identity as a Service capability as well as an Innovation Partnership with Bonifii as a first adopter of the new solution. “The Equifax Cloud™ is helping our partners and customers address the evolving fraud landscape [...]
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 [...]
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 [...]
Bonifii joins Indicio Network Node Operator Consortium
Denver-based Bonifii, the financial industry’s first verifiable exchange network for financial cooperatives, today announced it has joined the Indicio Network as a Node Operator to support the continued expansion of decentralized identity across the globe. The Indicio Network is the world’s only globally available, professionally-managed, enterprise-grade network for decentralized identity. With nodes on five continents, Bonifii joins a consortium of diverse, forward-thinking companies driving the use of decentralized identity [...]
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 [...]
Imagine if Digital ID were as Useful as a Driver’s License
5-Minute Read Content: It’s a problem as old as the internet A standardized digital identity would help An excellent solution is at hand: MemberPass! Arrange a MemberPass demo today! 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 [...]
How MemberPass can help you avoid scams in branches and ITMs
(5-Minute read) After all, even in a mostly online world, physical scams still happen. A notable impact of the stress related to the COVID pandemic is most people now do the bulk of their financial behavior online. They pay bills, transfer funds, apply for loans, order credit cards, and more – all on a computer or with a mobile device. As a predictable result of this, the significant [...]
How to Avoid Financial Fraud at your ATMs and Drive-Through Lanes
(5-Minute read) Society is finally emerging from its long COVID-based economic hibernation. Consumers now spend more money and enjoy the benefits of a strengthening economy. However, your members aren’t the only ones enjoying it. The incidence of financial fraud is increasing at about the same rate as consumer spending. The cheaters are downright tickled about the economic recovery too. Content: Most people now [...]