While nearly half of all American adults have had a fraudulent charge on their credit or debit cards — amounting to around 127 million people — it is critical that members know which transaction controls can help in their fight against card fraud and identity theft, according to the latest CUNA Mutual Group risk alert.
Member transaction controls allow credit unions to help in the fight against card fraud by putting members in charge of how, when, and where their cards are used. With liability falling on the credit union in some instances, it is important to continue to educate members on the various fraud scams and transaction controls that they can put into place. Informed members can help protect themselves and your credit union.
Risk mitigation tips for members:
- receive and review transaction details;
- restrict or adjust settings for certain types of purchases made and different merchant types (e.g., ATM, e-commerce, gasoline, gambling, international transactions, etc.);
- update travel event details and set location services to deter fraudulent activity;
- limit spending amounts including the ability to turn cards on and off; and
- lock or unlock debit and credit cards and set real-time transaction alerts.
Risk mitigation tips for credit unions:
- work with your card processor to determine the availability of member card controls in addition to the process of integrating controls into your credit union’s mobile banking app or online website; and
- educate members on the various scams and available transaction controls, so members can adjust their card transaction controls accordingly.
CUNA Mutual Group’s risk alerts, in addition to additional risk-prevention resources, may be accessed in their Protection Resource Center. Log-in is required.