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How Credit Unions Can Avoid the Pinch of Fraud Liability in an Era of Instant Payments
Members demand fast, easy and convenient experiences, but what happens when transactions go wrong? When a member is a victim of fraud, what starts as a convenient experience can quickly turn difficult, exposing credit unions to a financial hit.
Regulations are shifting fraud liability from consumers to financial institutions. At the same time, innovation is taking significant steps forward, including the recent launch of FedNow, which supports nearly real-time transactions.
“Members want to feel like their money and personal information are safe,” says Brian Keefe, senior presales consultant at NICE Actimize. “And fraud can erode the member experience, even when a person gets their money back.”
Striking a balance between managing increased liability and providing the experiences that members expect can help credit unions capture a competitive edge and improve the member experience.