As part of the electronic Membership Application/Opening Product offering in CU*Answers online and mobile banking, Experian’s Precise ID® is embedded as a knowledge-based tool for identity authentication and fraud prevention.
Last year in the U.S., more than 13 million individuals, roughly 1 in 25 people, were victimized by fraud. Experian’s Precise ID keeps the bad guys out and ensures only true members are opening memberships through CU*Answers’ membership opening process.
This tool uses challenge-response question technology to formulate questions only the true member would know. It incorporates changeable strategies with configurable time limits that prevents fraudsters from researching answers during faceless transactions. For example, “What is the color of your eyes on your driver’s license?”
“Experian Precise ID helps CU*Answers protect our credit unions from fraud and identity theft,” said Barb Cooper, MTG account executive. “This helps our credit unions to make the decision easily to implement mobile membership opening in our fast-paced electronic financial world. COVID-19 pandemic certainly moved this product forward.”
As of July 2020, CU*Answers has over 68 live credit unions and 48 in the set-up phase to offer membership opening in their online and mobile banking product.