Winter 2020 Newsletter

Happy New Year from the SettleMINT team! As we enter into a new year, a lot of us begin to think about new year resolutions. While you may have thought about starting that new exercise routine, or trying to stop a bad habit, have you thought about a resolution for your credit union? Now is a great time to review your plastics and bill pay programs. Take a look below to help get some ideas!
Reducing Bill Pay Fraud

There seems to have been an increase in bill pay fraud attempts. One recent example includes multiple fraudulent P2P transactions processing on a member's account over the course of several days. This resulted in the member potentially losing thousands of dollars.

Luckily there are a few things that you can do to help reduce the potential for fraud on member accounts.

  • Educate your members on how to bank safely online.
  • Remind members to use unique, complex passwords for It's Me 247 and to choose security questions that would be difficult for someone to look up in a Google search.
  • Review your member's bill pay activity in Tools # 1105 and #1106 to understand your member's bill pay trends.
  • Review your bill pay limits on an annual basis, and make adjustments where necessary.
  • If you use Payveris Bill Pay consider adding their fraud monitoring tool - PayWatch

The SettleMINT team also holds regular Fraud Best Practices Trainings, where we cover what to do if your member is a victim of bill pay fraud. You are encouraged to attend this training - See the Education Catalog for more details.
PayWatch and Bill Pay Limit Review

The SettleMINT team recently reviewed bill pay limits for credit unions who are using Payveris as their bill pay provider. We contacted credit unions that had rather large limits in place, and suggested lowering those limits. If you have been contacted by our team but have not responded, please feel free to reach out to our team for assistance in adjusting your limits.

Chase Johnson, an Account Executive on the SettleMINT Team, is in the process of reviewing PayWatch configurations for Payveris clients as well. If there is anything that he believes could help stop potentially fraudulent items from processing, he will be in touch to review your processing rules.

If you are interested in having PayWatch reviewed for you right away, or would like more information on how the product works, please send us an email to SettleMINTEFT@cuanswers.com.
Tune Ups for ATM/Debit and Online Credit Cards

Is it time for a Tune up? Keep your card services engine running smooth. This service is intended to help you keep your day to day processes running like a well oiled machine.

Our tune ups involve detailed walk throughs of your current card configurations, the tools used for maintenance, dashboards and reports. We will guide you on best practices and show you tips and tricks along the way.

Cruise on over, we are here and waiting to give you a snapshot of where you are at with your Card Portfolio, as well as changes you can make to buff and shine your program inside and out.
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Please feel free to forward this on to your team, or shoot us an email to add someone to our mailing list.
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