CU*Answers currently gives members control to ‘deactivate’ and ‘reactivate’ their ATM/debit and credit card via the CUSO’s mobile app. This service is free, giving the member the ability to limit the window of opportunity for fraudulent or unauthorized use. Letting the member deactivate the card until needed, such as for a large purchase, is another way to meet members’ needs in today’s marketplace. Coming in the release in October, offering a confirmation email when the card status is changed gives the member added security.

“In the future, the number of direct member contacts and touchpoints like EFT-triggered communications will only increase,” said Scott Collins, EVP of national sales. “We feel strongly that CUs should not put those communications into the hands of MasterCard, VISA, or other payment vendors; they should own those touchpoints and the motivations behind them. A more comprehensive and less expensive vendor proposition would benefit all network CUs.”

Currently in the design phase is to allow members to reduce fraud risk while their card is on. For example, not approving transactions over a configurable dollar amount, internet purchases, card not present, geographical/regional controls, etc. The prioritization is based on which ones can be supported with existing data elements, then move on in future phases to more complicated ones such as controls by transaction type (gas station purchases, food, clothing, etc.) that will require database changes to support.

“This functionality is a great service to our credit union memberships, but also helps to reduce fraud for the credit union’s risk,” Collins added.