The impact of compromised cards and the resulting fraud can be significant for both credit unions and their members. Taking a closer look at the trending tactics for collecting card information and using it for fraud attacks can help credit unions take more effective, proactive steps to guard against it.
The popularity of debit cards presents an opportunity for credit unions to build member loyalty and improve their revenue growth by either offering a debit program or finding ways to enhance their current programs to better fit member needs and expectations.
The reputation built by credit unions as not-for-profit financial institutions is an important one with a great deal of significance. It means credit union members trust they will be viewed as individuals, receiving personalized services focused on their needs. To meet these expectations, a full range of financial services is required. One of the most important of these services is a credit card program designed to support members’ financial goals.
The way consumers use credit cards is changing and has been influenced by advancements in digital technology, shifting economic conditions, and concerns about rising fraud. Understanding this shifting consumer behavior can help credit unions adjust their products and services to better meet member needs.
