{"id":119,"date":"2023-04-18T21:24:26","date_gmt":"2023-04-18T21:24:26","guid":{"rendered":"https:\/\/rembrandt.virtuabrands.com\/?p=119"},"modified":"2023-04-18T21:24:26","modified_gmt":"2023-04-18T21:24:26","slug":"do-you-have-to-tell-your-members-to-stop-using-their-debit-cards","status":"publish","type":"post","link":"https:\/\/rembrandtai.com\/news\/do-you-have-to-tell-your-members-to-stop-using-their-debit-cards\/","title":{"rendered":"Do You Have To Tell Your Members To STOP Using Their Debit Cards?"},"content":{"rendered":"

This Credit Union Just Did\u2026
\nAnd the Consequences Could Lead to Disaster<\/strong><\/p>\n

Put yourself in your members\u2019 shoes for a moment. You\u2019re going about your day, shopping online, planning a family vacation and paying your bills. Then, you get an alarming call from your CU.<\/p>\n

\u201cHello Ms. X, this is your credit union calling. You have to stop using your debit card. There\u2019s been a massive increase in fraud at our credit union and your account, along with thousands of others, may have been compromised. But don\u2019t worry though, we\u2019re looking into it.\u201d<\/p>\n

Clearly, this is a member notification no CU ever wants to make. But, unfortunately, in early February, one 9,517-member credit union had to.<\/p>\n

\u201cCreighton Federal is experiencing a very high number of fraudulent online debit card transactions. To protect our members and limit or stop this fraud, only one online debit card purchase will be allowed per day for a short period of time.\u201d<\/em><\/p>\n

Said a bold, red-alarm banner atop the $67 million Omaha-based\u00a0Creighton Federal Credit Union\u2019s website.<\/p>\n

It was a devastating notification to Creighton members, and likely devastating for the CU itself.<\/p>\n

But shockingly, it\u2019s unclear of when or how the credit union first noticed the fraudulent activity or if it was members themselves who discovered the fraud.<\/p>\n

Further, it\u2019s unclear how long the fraud was going on for, and unclear how many members were affected or how much money was stolen.<\/p>\n

The only thing that is certain is there was \u201ca very high number of fraudulent debit card transactions.\u201d<\/p>\n

As a result, the CU is now looking at a potential disaster. A disaster that could lead to big monetary losses and possible member outflows.<\/p>\n

But it\u2019s a disaster that could have been averted.<\/p>\n

Now, put yourself back in your members\u2019 shoes. You\u2019re going about your day, shopping, planning, etc. You get a call from your CU.<\/p>\n

\u201cHello Ms. X, this is your credit union calling. We wanted to give you some fantastic news today. Since we value your membership so much, we wanted to inform you that your assets are now protected by the world\u2019s most advanced anti-fraud technology ever devised. You can now enjoy the fact that your money is always safe with us, and we\u2019re always protecting you!\u201d<\/p>\n

Obviously, this is a technology every CU would love to have; a phone call every CU would love to make and a bold banner every CU would love to display on their homepage.<\/p>\n

Thankfully, this technology is real, and those calls and banners can be too!<\/p>\n

It\u2019s called RembrandtAi and it\u2019s already saving banks and credit unions hundreds of millions in fraud losses, improving member\/institution relationships, and helping to drive new depositor inflows.<\/p>\n

This highly sophisticated \u2013 yet simple to operate \u2013 real-time artificial intelligence fraud detection and prevention system offers your members the protections both they, and you, deserve.<\/p>\n

Unlike the fraud at Creighton, where the CU may not have known when the fraudulent activities began, or how long they\u2019ve been going on for, RembrandtAi can notify fraud teams, in real time, of potential fraud threats\u2026 as they\u2019re happening!<\/p>\n

Not days, weeks or months later. And not well after massive amounts of depositor money has been stolen.<\/p>\n

Stop telling your members they can\u2019t use their debit cards. Instead, tell them you\u2019re protecting their assets with the world\u2019s most advanced anti-fraud technology ever devised.<\/p>\n

Tell them the fantastic news. Tell them you\u2019re using RembrandtAi.<\/p>\n

Discover the bank and credit union industry\u2019s most advanced, real-time fraud detection and prevention system, and receive a full one-on-one demonstration of its remarkable ability to detect card fraud, by clicking\u00a0HERE<\/a>.<\/p>\n

Or call 1-888-TOOLCASE to speak with a fraud expert today.<\/p>\n

source:\u00a0https:\/\/www.cutimes.com\/2023\/02\/08\/fraud-activity-causes-cu-to-limit-card-transactions\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This Credit Union Just Did\u2026 And the Consequences Could Lead to Disaster Put yourself in your members\u2019 shoes for a […]<\/p>\n","protected":false},"author":5,"featured_media":120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[18,19,22,24,25,26,27,28,29,32],"class_list":["post-119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-article","tag-artificial-intelligence","tag-bank-fraud","tag-online-shopping-fraud","tag-security","tag-cybersecurity","tag-fraudsters","tag-credit-card-fraud","tag-credit-bureaus","tag-bank-unions","tag-bin-attacks"],"yoast_head":"\nDo You Have To Tell Your Members To STOP Using Their Debit Cards? - RembrandtAi\u00ae<\/title>\n<meta name=\"description\" content=\"Put yourself in your members\u2019 shoes for a moment. 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