Member monitoring remains one of the best ways to identify and detect fraud. The prevalence of online banking makes it even easier for members to keep an eye on their accounts with access to real-time information. 

In fact, a recent study found that more than half of all fraud is discovered by victims themselves, giving credit unions and other issuers an important ally in the war against credit card fraud.

CUs can protect this alliance by keeping members educated and up-to-date on the latest threats. In this case, communication is king.

Remind your members to notify the credit union when they are planning to travel out of the country – or even out of state, depending on how your CU’s fraud parameters are set. Talk to them about the importance of catching fraud before it starts and explaining that this may mean unexpected declines on unordinary purchases.

Members are more understanding – and willing to act – when they know why.

There are several ways to keep your members informed of the latest fraud news and to share tips on how they can help curtail fraudsters.

• Post flyers about fraud prevention in branches
• Upload communication alerts on your website
• Design an opt-in e-newsletter program to alert members to fraud in your area
• Use statement inserts to communicate fraud prevention
• Tap the power of mobile devices to keep members informed of the latest developments