CUs providing remote deposit capture need fraud prevention processes in place.
Notably, convenience—like being able to do everything using a smartphone—is hugely important to members of the younger generation that credit unions must attract to stay competitive.
“Full-featured mobile banking, including mobile RDC, is no longer a nice-to-have feature, it is a requirement if credit unions want to remain relevant, especially with growing, tech-forward younger generations,” asserts Alissa Fry-Harris, director of marketing at CUES Supplier member Bluepoint Solutions, Carlsbad, Calif.
Fry-Harris offers Bluepoint Solutions’ top strategies for preventing fraud with mobile RDC:
“The first and best safeguard for the credit union and its members is to set deposit limits,” says Fry-Harris. These limits vary widely by credit union, but are often based on such variables as length of membership, type of account and a third-party risk score.
“The second method of mitigation is to allow the mobile RDC system to compare checks received through the mobile channel to all other checks received through any channel and/or to nationwide shared fraud or counterfeit databases,” she adds. “This is a secondary line of defense.”
Another, longer-term strategy for manag-ing the fraud associated with remote deposit capture is to leverage information about member behavior captured by the app as it is used by members.