How Community Financial Institutions Can Fight Back Against Fraud in 2023

December, 2022

By Team Eltropy

Financial crime has been around for a very long time. A recent rise in the prevalence of sophisticated financial fraud, however, is hitting the industry hard.

Authentication tools factor in

Do you remember two-factor authentication (TFA)? It’s the login technology we use to prove who we are, and it began widely rolling out to banks in the 2000s. Today we call it multi-factor authentication (MFA) – the standard, trusted method to protect against increasingly sophisticated threats. 

Secure MFA tools include:

• text
• video calling
• real-time photo ID verification

Using these tools, community banks and credit unions can stay ahead of fraudsters, and members can not only access their accounts, but also know who is reaching out to them. 

Will it blend?

The key, though, is having the right blend of commonly used technologies and MFA tools – as part of a broad digital and in-branch communications strategy. Such a strategy will not disrupt your current environment.

Whether running a call center or integrating with its core banking system, a credit union or community bank 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.

About Eltropy

Eltropy enables credit unions to communicate with members over text message in a secure and TCPA-compliant way. Using Eltropy’s platform, lending, collections, sales, marketing, service, risk management, internal communications and other teams at credit unions can leverage text messaging to boost member engagement and enhance the member experience. Eltropy also integrates with IT systems, such as Symitar and Corelation, and provides member engagement insights.