How to Authenticate New and Existing Members
Fraud and data security concerns continue to rise at alarming rates across the United States. In 2020, the Federal Trade Commission reported receiving over 2.1 million consumer fraud reports and more than $3.3 billion reported losses (up from $1.8 billion reported in 2019). Reports of fraud surged during the COVID-19 pandemic, most commonly, reports of imposter fraud or online shopping fraud.
In today’s current climate, bad actors are continually attempting to take over an individual’s identity or create a synthetic identity of someone who is not real. This makes enhanced authentication measures increasingly critical for data and financial security. One key element: educating the consumer on the importance of authentication measures. Authentication layers are critical in helping keep bad actors from using their identity or creating a fake identity with parts of the real person’s identity.
Understanding is critical in the process of prevention. For credit unions, call centers, and consumers, there isn’t one specific way to prevent fraud and it’s important to incorporate a comprehensive strategy to authenticate fully and securely.
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About Allied Solutions
Allied Solutions, LLC is one of the largest providers of insurance, lending, and marketing products to financial institutions in the US. Allied Solutions uses technology-based products and services customized to meet the needs of over 4,000 banks and credit unions, along with a portfolio of innovative products and services from a wide variety of providers. Allied Solutions maintains over 10 regional offices and service centers around the country and is a subsidiary of Securian Financial Group, Inc.
Content in the blog posts are the opinion and views of the writer, and don't necessarily reflect the opinions or views of Allied Solutions.