Credit Union Cyber Security Preventing Cyber Fraud as Black Friday Approaches

Following the shopping season of 2016, the U.S. set a new record for mobile phone and tablet shopping on Black Friday with over $1.2 billion in purchases, as reported by Adobe. It was a 33% increase from the previous year, and if the trend continues, we could expect to see upwards of $1.6 billion in purchases this coming year through smartphone and tablet purchases. With all this money exchanging digital hands, you want to ensure that your members feel confident using their credit card account information while shopping online and that their private financial information is protected and secure. Be sure you are providing your members with the best credit union cybersecurity tools, such as remote control debit and credit cards.

 

With this jump in mobile shopping, especially on Black Friday and Cyber Monday, it should come as no surprise that cyber fraud is on the rise as well. Cybercriminals are looking to capitalize on the growing online and mobile shopping trend by enticing shoppers to part with information or become less security-focused with their payment cards while on the hunt for Black Friday deals and coupons. In a report from RISKIQ following last years holiday shopping season, over 1 million apps were flagged or blacklisted for potential risk or fraudulent activity. Taking measures to ensure your members' protection from cyber fraud is important and member education is step one in the process.

 

Step two is working with a credit union technology that allows for complete integration of credit and debit card security tools that will limit exposure to third parties who could potentially compromise members' information. In addition, being able to offer your members remote control cards, giving them instant and direct control of their accounts, is another way to ensure security. What better way to prevent fraud than to give your members control of their own account? Members are likely to notice suspicious activity and can place an immediate hold or freeze on their account. Preventing fraud on the front end is much more cost effective than dealing with chargebacks. Not to mention you are providing peace of mind and excellent member service to boot.  

 

For members using cards for their online shopping endeavors this holiday season, remote control debit and credit cards are just one piece of the puzzle. If notifications are enabled for exceeded transaction amounts they can be made aware of card theft immediately and given the ability to take action. Setting up customized account notifications is yet another way of keeping your members on top of their shopping and spending game. Being able to set spending limits, max balance notifications, and other alerts grant members direct control of their spending behavior and will have them feeling reassured as they venture out into the cyber marketplace. Being able to receive real-time card balances and statement viewing empowers and informs your members as well.