What makes up your financial institution’s engagement toolkit?
Perhaps you have a great app, timely email and text notifications, or even a strong social media presence. These initiatives keep accountholders tuned into their finances on their time. However, these perks offer much more than meets the eye.
While once thought of as “millennial-focused,” mobile apps, social media and other engagement tools are becoming more than just about keeping your financial institution relevant. Today, they’re designed to build stronger accountholder relationships by providing a vehicle for essential education, timely notifications and proactive security measures.
This shift has not only enhanced the accountholder experience, but also puts accountholders in a better position to protect themselves, thereby reducing fraud losses — a liability often bore by financial institutions due to legal and self-imposed fraud provisions.
With identity crime losses totaling $16 billion in 2016, taking an engaging approach to fighting fraud is more attractive than ever.
So, how can you enrich your engagement toolkit with these same security-focused, consumer-friendly features? Here are our three keys to building a fraud-fighting engagement toolkit:
1. Incorporate education into the conversation
Your engagement initiatives already require a multi-platform presence. Among the top mediums are mobile, social media and email. But now it’s time to take it up a notch.
Distribute not only conversation-worthy information via these platforms, but empowering posts that help protect accountholders from fraud. Something as simple as a blog post on phishing scams or a tweet about the importance of strong passwords can have a lasting impact on your accountholders. It’s a conversation they want to be a part of; they just need you to start it.
EZShield makes this dialogue a priority for our partners by providing expert educational content for consumers and small businesses via our Live Fraud Feed. Our partners use this feature to relay our content on their websites and share our posts on social media to kick-start conversations.
2. Proactively protect sensitive information
Prevent a financial emergency before it starts by providing accountholders with advanced security features in their mobile or web offerings. Employ high security standards in your engagement tools, such as two-factor authentication for apps and strict privacy guidelines for social media.
Accountholders also increasingly seek user-focused security measures for themselves. One of EZShield’s most utilized features is our encrypted Password Manager. Users secure passwords in one convenient location — reducing bad habits like reusing passwords, writing them down or using easy-to-remember passwords.
3. Alert them to potential data misuse or exposure
When an individual’s identity is misused, the first question is how? The identity theft world abides by one law: supply and demand. Hackers fuel the supply-side by breaching information-rich organizations or deploying targeted scams that fulfill identity thieves’ high demand for sensitive data on the black market.
As part of our commitment to proactive protection, EZShield sends email alerts for large-scale data breaches and scams. These alerts detail critical information and pertinent preventative measures following data breaches or widespread scams. If an individual is impacted, EZShield acts as an extension of our partner’s accountholder experience by deploying world-class restoration services. Impacted individuals work directly with a U.S.-based certified Resolution Specialist who walks them through a 32-step restoration process to isolate the threat and prevent further data misuse.
These added engagements are instrumental in shaping a stronger accountholder, yet they can feel like a rather lofty aspiration. Ensure your accountholders are in control of their identities and that you’re managing your risks by bringing an expert onto your team.
As a leader in the identity protection market, EZShield provides relevant fraud and identity theft protection tools at every touchpoint. This approach empowers accountholders while helping our partners reach their goals.
For more information on EZShield Identity Crime Protection, schedule a demo today.