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Streamlining Digital Payments

Today's consumers want the ability to make payments where and when they want. As we reported in the mobile payments blog, the pandemic was the transformative force behind much of the move to digital payments, and now these digital payments are here to stay. While consumers expect the process to be efficient and convenient to access, there is a catch. Too many sources can create unnecessary friction and confusion even in the digital channel.

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Solutions for Phishing and Fraudulent Apps

Fraud monitoring and prevention is an ongoing battle in the war against banking fraud. Therefore, it is in your organization's best interest to arm your team with tools to mitigate a sustained attack from opponents who do not sleep, take breaks, observe holidays, and are located in just about every corner of the globe. To be effective, your security solutions need to be active and continuously updated 24/7/365. In a previous blog, we discussed the types of phishing attacks. Now, let's discuss solutions you can employ to prevent them.

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It’s a Great Day to Go Phishing!

Every fishing enthusiast will tell you that one of the best times to go fishing is in the Fall to get the best action. So too, phishing experts agree that phishing and other types of fraud increase in the Fall because of increased consumer activity. According to a 2020 Experian survey, 24% (one in four) of the respondents were a victim of holiday fraud. The figure is up 12% from the survey responses a year before. This means Fall 2021 is expected to set a record for phishing and other types of fraud.

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The Winds of Change Continue in the Payments Category

As we mentioned in our previous blog, card usage continues to gain momentum. This trend has continued into 2021 with no signs of slowing down. The use of cash continues to decline, while the most popular payment method is the debit card. However, the gap between credit cards and debit cards is closing. In 2020, the Federal Reserve Bank of San Francisco conducted a study asking consumers which payment forms they used. To facilitate their payments, the respondents indicated that they used debit cards for 28% of their payments, credit cards for 27% of their payments, and cash for 19% of their payments.

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Mobile Payments Move Into the Wallet

Fueled by the pandemic, the use of contactless mobile apps boomed in 2020, with in-store mobile payment usage up 29% last year, based on a report by eMarketer. The pandemic pushed consumers to swap out cash and credit cards for the presumably safer mobile payments option at point-of-sale. According to the report, 92.3 million consumers age 14 or older used proximity-based payments at least once during a six-month period in 2020. That figure is expected to increase to 101.2 million in 2021, and digital wallets are anticipated to be used by half of all smartphone users by 2025.

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Mobile Security Requires a Multi-Prong Strategy

We have extensively discussed the rise of mobile payments in our previous blogs. With an increase in usage comes an increase in fraud. Criminals look for any opportunity to exploit a payments system, and mobile is no different. In a new report, the U.S. Public Interest Research Group, a policy and research organization, noted a steady rise in mobile payments fraud. A spike of 970 complaints made in April 2021 is almost double the previous peak in 2020. Let's examine the two key types of mobile fraud and ways to mitigate their risks.

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Vacation Nation: Is it Too Soon to Envision a Card-Free Vacation?

Whether taking a staycation, traveling domestically, or traveling abroad, mobile payment platforms provide convenience and peace of mind no matter the destination. Adoption of mobile payments increased substantially during the pandemic, and the ease of use has led to seen sustained usage into 2021. Consumers’ new usage digital payments habits will likely continue as people get out of the house and travel again. The same tried and true features members have relied upon while traveling, such as checking account balances, transaction history, and bill payment, will continue to see usage. Still, newer payment options may take center stage for purchases. And we would be remiss if we did not mention that debit cards, credit cards, and cash still have their advantages when making payments.

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What is P2P Without Real Time Payments? Incomplete.

Does anyone remember when the primary payment method was cash? People would do crazy things like pump just enough gas so the amount owed would round up to an even dollar amount. How about adding change to a payment to round up to the next currency denomination (instead of getting 21 cents back in change, you would actually GIVE the cashier an additional 4 cents so you can put a quarter in your pocket). Not only did you have to do the math in these situations, but you also had to have CASH!

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The Future of Member Success

In the last twenty years, as more consumers called for their financial institutions to deliver digital transformation, the race focused primarily on bringing account information into the digital space and enabling basic transactions like transfers and bill payment. As the years have passed, both financial institutions and consumers have evolved their goals, wanting an experience where not just basic but also complex activities can be completed within digital banking.

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The Multi-Channel Communication Strategy

In the age of technology, everyone is seeking faster, easier ways to communicate. Knowing that members interact with your credit union through multiple channels now more than ever, it is important to take a multi-channel approach when marketing, selling or servicing their accounts. As a byproduct of COVID, multi-channel communication options are now really a pre-requisite to meet the expectations of your digitally savvy members, regardless of the generation they belong to. Let’s talk about the multi-channel channel experience.

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