Bonifii is excited to announce that its premier digital identity and fraud prevention solution, MemberPass®, has been significantly strengthened and improved. The next generation of MemberPass is released and available for credit union implementation today!
MemberPass was the first completely secure form of digital identity verification. It’s owned and controlled by members and is simple to use as personal authentication for all transactions and web commerce.
Secure identity verification is essential today. The use of digital channels for routine financial transactions has grown exponentially in the past two years. Now, it’s nearly universal.
Also Read: Tinman Social Announces Date for the Grand Opening
This, in turn, carries substantial risk. Per the FTC, consumers lost $5.8 billion to financial fraud in 2021. The total was up more than 70% from the losses reported in 2020. This reality is what makes MemberPass an indispensable tool for credit union members.
The original release of MemberPass helped credit unions in several important ways. They learned it enabled them to:
- Prevent fraud before it happens.
- Complete member enrollment with minimal friction.
- Deliver consistent authentication experiences across all channels and transactions
- Eliminate passwords and challenge questions.
- Avoid hackable central databases of personally identifiable information.
- Enjoy lower expenses due to better fraud protection and less MSR time spent authenticating members.
The new next gen MemberPass adds these great benefits:
- No core integration required
- Deploy in your CU in as few as three days.
- No additional app for members to download.
- Industry-leading security technology (W3C and FIDO2 compliant)
- The ability to determine identity, behavior patterns, locations, devices, and channel patterns in real time.
- Operates independently from your mobile banking platform.
- Stops online payment fraud in real time for P2P and card transactions