Executive Summary
Credit unions are navigating a cross-current of member demands and security needs. The expectation for faster, effortless interactions competes with the imperative to implement stronger safeguards against increasing fraud threats. Balancing member expectations and security requirements , without overburdening operations, is essential for ensuring long-term viability and member trust.
This report highlights testing the effectiveness of IDgo's authentication solution in saving time, reducing fraud and generating positive feedback compared to existing processes by answering the following questions:
- How does the time required to authenticate members using the IDgo service compare to current authentication methods in offline engagement channels?
- How can credit unions evaluate IDgo's potential to reduce call center fraud in a controlled testing environment?
- How does credit union staff perceive the ease and efficiency of IDgo compared to current offline authentication methods?
Credit Union Implications
One of the biggest issues facing the financial services industry as a whole is the ever-increasing frequency and sophistication of fraud attacks, which often times takes place during call center interactions. While identity authentication for fraud prevention is a good thing, the current methods can result in a not so great member experience—having to answer a series of questions can be time-consuming and frustrating.
Keeping account-holder information safe and secure is a top priority for credit unions and builds trust and member loyalty. As new, more sophisticated fraud attacks emerge, credit unions must explore investing in new solutions to protect their members and prevent these acts from happening. Also, implementing a more efficient method like IDgo for identification authentication can lead to an improved call center member experience.
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A special thank you to IDgo and our participating credit unions for their contributions and support to this research.
