Understand the ‘why’ behind our security question procedures for the Member Contact Center.
Members frequently call into our Member Contact Center to receive information about their accounts, like the balance in a share or to make a loan payment. If you’re familiar with the process, you know you’ll be asked a few questions to confirm your identity.
However, sometimes members are unfamiliar with the process; our employees hear questions like “Why do you need to know that?” or “Why do you ask so many questions?”
Here are a few reasons why we ask these identification questions to help you understand.
Protecting You From Fraudulent Activity
Multiple security breaches have occurred in recent years, resulting in the loss of personal information and money. In 2017, Equifax had one of the worst breaches ever recorded. Sensitive data such as Social Security numbers, full names, addresses, and credit card numbers were obtained by hackers, affecting 143 million consumers. Why is this important?
As your credit union, you’re trusting us with sensitive information. Twelve percent of all identity theft is used for bank fraud, making it one of the most common types of identity theft. Hackers can use someone else’s personal information to take over an existing financial account or to open a new account in someone else’s name.
It is crucial for employees to thoroughly identify you to eliminate the possibility of giving out your personal information to the wrong individual.
We’ll only release member account information to:
- Account Holders
- Authorized Individuals
- Signers on Association Accounts
- Representative Payees
For example, if your spouse isn’t on your account, they cannot receive account information. However, they can make a payment to a loan without being on the account, only by using a debit or credit card with their name on it.
Before calling into the Contact Center, take a moment to prepare. Know your account number and specific details about your account. It’s a good idea to check your account online and familiarize yourself with the account history. Creating a security PIN at one of our branch locations can also help identify you and speed up the security process.
When you call our Contact Center, remember that we’re here to protect you and want to ensure your information is kept safe. We value your trust, and with the help of our members, we can continue to bank on each other.