Maybe credit unions need to study their ABCs: Beleaguered financial institutions in search of a way out and successful ones looking for the next winning formula need only tune into their markets.?? What are they saying? Factor the Fs:?? There's a whole parallel economy out there riding on the social interactions of families, friends and fans, which have largely been ignored by financial ...
When a credit union employee suspects a member may be subject to fraud, they should initiate a careful conversation focusing on the nature of the transaction and external influences. The goal is to help the member identify red flags without the employee asking for sensitive personal information that the credit union should already have on file. Initial Verification Questions .pdf Before discussing the specifics of the suspicious activity, the employee should confirm the member's identity in accordance with established internal protocols. Questions About the Transaction/Activity If the member confirms they are conducting a suspicious transaction (e.g., a large wire transfer or purchase of gift cards ), the employee should ask questions to help the member pause and think critically: "What is the purpose of this transaction?" "Do you personally know the person or business you are sending money to?" "Have you ever met the...
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