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Mountain America CU gives members tools to proactively monitor and protect their identities and finances.
We’ve all been closely following the news since the most recent security breach at Equifax affecting millions of Americans. Consumers have justifiably become more concerned about protecting their money and identities. In this environment, credit unions have an opportunity to show their members the credit union difference by providing education on ways to proactively monitor and protect both their personal information and their finances. Mountain America Credit Union, for example, has created a landing page on its website to share information about the breach as well as identity protection services offered by Equifax and the credit union.
“When credit unions offer the right tools, members can take proactive measures to monitor their financial activities, minimizing their own worry when the news reports yet another data breach,” says CUES member Tony Rasmussen, VP/public relations and financial education for $6.8 billion Mountain America CU, West Jordan, Utah.
“Some of the simplest tools to share with members are account alerts and notifications,” says Rasmussen. “These tools allow 24/7 monitoring via free, customized text and email alerts based on balances, approvals, transactions or other account activity.”
Another easy option is to help members set up a code word on their accounts, which is then required before discussing account information or activity over the phone.
In 2015, Mountain America CU debuted its free mobile Card Manager service. This feature gives members control over a wide variety of tasks associated with their debit and credit cards, such as temporarily disabling or enabling cards, changing or resetting PINs, setting travel notifications, and requesting new cards when lost/stolen.
“Let’s say a member is out running errands and he receives an alert about a transaction that doesn’t sound familiar,” says Rasmussen. “With Card Manager, it’s no problem. She can immediately block all further card transactions to [give her time to] verify whether the activity was fraudulent—at least until she remembers about the online order she made over the weekend.”
Monitoring credit scores is another way for members to keep tabs on their financial data. “Unexpected changes could signal that it’s time to check your credit report for fraudulent activity,” adds Rasmussen. “Members with checking accounts or loans can monitor their FICO® Score for free via the Mountain America mobile app.”
Members willing to pay a small monthly fee can get added peace of mind: Mountain America has partnered with Deluxe Provent® to provide two affordable, stress-free ID protection options. The basic level costs $2.95 a month and scans the internet for credit and noncredit information in black market chat rooms that sell identifying information, and will help restore a members’ identity if they become a victim of identity theft. The ID Protect Premium service, available for $9.95 a month, monitors public record databases and the three major credit bureaus for personal information that may appear in court records, address or name change requests, sex offender registries and payday loan applications in connection with identity theft and fraud.
Staying current on security tools and strategies will continue to be a top priority for every credit union. The credit union industry can stand apart from other financial institutions by maintaining our commitment to serving members first and foremost.
Angela Nelson is public relations and social media manager at $6.8 billion Mountain America Credit Union, West Jordan, Utah. Nelson has worked in the credit union industry in a variety of roles, from operations to marketing to public relations, for over 12 years.
FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries. Mountain America Credit Union and Fair Isaac are not credit repair organizations as defined under federal or state law, including the Credit Repair Organizations Act. Mountain America Credit Union and Fair Isaac do not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
