Credit unions look to Eltropy to curb call center fraud

Credit unions and community banks are looking to digital communications platform Eltropy to strengthen call center authentication and ultimately reduce fraud as voice-cloning tools and advanced AI present more opportunities for fraudsters within financial services. In the third quarter of 2022, email scams increased 217% year over year, especially following digitization that skyrocketed amid the COVID-19 pandemic, Tim Pranger, vice president of product and strategy at Eltropy, said during the company’s “How CFIs Can Fight Back Against Fraud” webinar in January. For example, Huntsville, Texas-based Community Service Credit Union selected Eltropy to reduce both fraud and call center costs as inflation ticked up and a recession loomed last year, according to an Eltropy release. “Our call center costs have decreased by 64% in just one year,” Jennifer Goodall, chief operations officer at CSCU, said in the release. The credit union is using Milpitas, Calif.-based Eltropy’s digital banking services including texting and video capabilities, according to the release. Fraud tactics Fibre Federal Credit Union implemented Eltropy in its call center to address holes in its system that had been allowing opportunities for fraudsters to take advantage of member accounts, Shelly Butler, chief operations officer at Longview, Wash.-based Fibre, told Bank Automation New s. “We started having instances of individuals, not members, contacting us and impersonating members, and these individuals had enough information that would allow a staff member to feel reasonably comfortable that they were talking to a member,” Butler said. “When these situations came to our attention, we realized that how fraud is being perpetrated is changing,” she said, noting, Eltropy’s automated one-time passcode (OTP), real-time authentication, video capabilities and live chat features gave the credit union more confidence they were speaking to a member. With the one-time passcode in place, call center staff still must be aware of “red flags,” a Fibre spokesperson told BAN . [caption id="attachment_57365608" align="alignnone" width="2560"] Photo by CanStock [/caption] A layered approach Eltropy’s solution only allows for three OTP attempts, seamless chat-to-video switching for verification purposes, and secure links for document sharing to avoid false documentation, Pranger said during the webinar. Eltropy also uses Lexis Nexis to authenticate identification in real time — while a client is on the phone during a transaction, he said, noting the security is “a layered approach.” 2023 communication enhancements Following the addition of 300 credit unions and community banks to its platform and the acquisition of two fintechs in 2022, Eltropy announced last week a partnership with texting communications platform AKUVO, which is expected to improve its texting capabilities, according to an Eltropy release. Texting is a way to quickly reach members, Fibre Federal Credit Union’s Butler said, noting people don’t always have the time to answer the phone or check their email but a “text message, you’re going to see more readily.” Bank Automation Summit US 2023, taking place March 2-3 in Charlotte, is a crucial event on automation and automation technology in banking. <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home" href="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1675107130580.1675112076006.773&__hssc=41615677.8.1675112076006&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link Learn more">Learn more and <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register" href="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1675107130580.1675112076006.773&__hssc=41615677.8.1675112076006&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link register for Bank Automation Summit US 2023">register for Bank Automation Summit US 2023 .

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Credit unions look to Eltropy to curb call center fraud

Fintech added 300 credit unions and community banks to its platform in 2022

Santander launches multinational BNPL product

Marqeta acquires Power Finance for $275M

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