IMPORTANT: Are You Doing Your Due Diligence on Audio Banking?

The announcement below was posted on August 15.  We have now heard from several credit unions in Michigan that have seen unauthorized access and, in a few cases, significant dollar losses from bad actors accessing a pre-activated but idle ARU account.  Remember that you do not need to auto-activate new members to use audio banking (or online banking, for that matter).  Make sure your credit union has done its due diligence on your CU*Talk controls and settings.

In our network, CU*Talk audio response still has a very loyal and steady audience, and most credit unions still want to provide this service to their members.  As noted in our earlier announcement, credit union phone banking systems are starting to have more of a spotlight on them when it comes to cyber security and the need for credit union due diligence.  While the incidences of fraud in this channel are still extremely rare, a few our clients have seen incidents happen recently, so it might be time to give it a little of your attention.

To help, we’ve updated our tips document to give you even more tools and ideas for ways you can ensure this tool continues to provide good service while mitigating your risks.

Also, don’t forget about the tips from Xtend for your shared branch teller line that were published back in June – these can be reviewed here.