Fibre Federal Credit Union is one example of a CU using these latest multi-factor authentication tools “to know they are actually speaking to a member.”
Eltropy, the digital conversations platform for community financial institutions (CFIs), announced the launch of “Video Verify.”
The new Eltropy Video Verify solution “allows credit unions and community banks to remotely verify the identity of their members before opening accounts, issuing credit cards, authorizing wire transfers, granting loans and other high value-high fraud risk activities.”
According to the Federal Trade Commission (FTC), 1.4 million cases of identity theft “were reported in the United States in 2021, representing a 113% increase from the previous year.”
The most common age group “for identity theft victims in 2021 was 30 to 39 years old, and consumers spent 16 hours on average to dispute charges on fake accounts,” according to Javelin.
Fraudsters obtain personal information “through various methods, including phishing scams, hacking, stealing mail or trash, or simply purchasing information from other criminals.”
One common use case is “when a fraudster obtains a victim’s personal information and then applies for a loan in the victim’s name.”
They may “use online applications, phone applications, or even visit banks or other lenders in person in an attempt to secure that loan.”
With Video Verify, CFIs will “have an easy-to-use, yet full-featured and robust solution for verifying identity, without having to ask members or customers to visit their branch in person.”
Video Verify reportedly “combines remote video, real-time government ID verification, and knowledge-based authentication, ensuring members’ identities are fully authenticated and secure.”
Jed Taylor, Chief Product Officer, Eltropy, said:
“We’re extremely excited to launch Video Verify and help community financial institutions everywhere improve this increasingly vital need for modern, identity verification processes. With the increasing incidence of identity theft and fraud, it’s critical that credit unions large and small adopt secure and effective ID methods to protect their members’ identities and their businesses.”
Video Verify is “a capability of Eltropy’s Digital Conversations Platform, which also includes Texting, Chat, Video Banking and Appointment Management solutions, enabling credit unions and community banks to easily communicate and verify their members with Video Verify.”