This recipe will outline new features and enhancements we are working on for the Membership Application Process (MAP) and Membership Opening Process (MOP) online tools.
Reducing Fraudulent Apps via MOP
As everyone knows, an online application is a tempting target for identity thieves and other bad actors, which is why credit unions perform risk assessments and set policies for how they’ll manage the risk associated with their online retailing sites, including MAP/MOP. In addition to encouraging CUs to review their own procedures and risk assessments related to their MOP sites, our teams are also launching some research and considering some potential development projects:
Looking into creating a new set of reasonableness tests, designed to block new memberships based on data that signals you don’t want an applicant to be automatically approved or based on an out-of-the-ordinary rise in activity on the site to slow the roll of the automated process.
Traffic Monitoring – A new option that will allow us to define what constitutes “unusual” activity and automatically shut down a MOP site if volumes suddenly spike beyond a reasonable level. Your CU would be notified and it would be up to you to decide when the site would be brought back online.
Data Filters Based on Applicant Data – In addition to the state filtering with MOP 2.0, another filter we’re working on is to monitor when more than one application comes in to the credit union’s site from the same SSN. You’ll be able to choose what to do with an app that fails your filters, either block it entirely or send it to your MAP queue to be reviewed by a CU employee. All of these filters would be run even before we send the applicant for Precise ID verification, saving you from spending money on apps you don’t want to take any further! NOTE: Filters based on IP address are not being considered at this time. These are notoriously unreliable and relatively easy to spoof.
Other fraud related projects in the works are:
- Reviewing live-person testing tactics from Google.
- Reviewing Daon ID verification that will include the upload of a drivers license image, as well as a liveness image capture as part of the MOP process (read more about MACO for MOP on the Authentication Enhancements for Online/Mobile Banking kitchen page).
- Reviewing making the MOP on/off switch available to CUs, so if you detect a spike in seemingly fraudulent activity you can flip the switch yourself without having to call us.
- Considering a configuration that could temporarily block certain online/mobile features for a period of time after a new membership is opened, while you get to know and develop a track record with your new member.
- Working with Experian to update their approval matrix. For more information, check out these recent webinars. The first webinar discusses New Member Verification with MOP and the second is with Experian and discusses their Precise ID product.
In the long run we foresee that MAP/MOP will add several new elective services to this process, optional add-ons you can activate or not according to your risk tolerance and budget. The goal is to let CUs append our software with additional technical solutions as well as things like validation services from AuditLink, so you can continue to evolve your online approaches with an eye towards both convenience and security.
What else? If you have other ideas, let us know!