Business View Magazine l January 2023

ASSOCIAT ION OF ENERGY ENGINEERS 129 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 12 129 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 12 ASPI RE CREDI T UNION Operating out of one location in Minot, Aspire Credit Union has 6,500 members, and extends its reach into six counties. One of the many benefits of membership is that as a credit union, Aspire is member- owned. “Our board is all volunteers, there are no stockholders, the members own the credit union,” recounts Kohlman. “Through that, credit unions are able to offer very competitive lending and deposit rates and, on many occasions, lower fees. For us, everything is decided right here. We do not have to go to a corporate board to have a decision made which also speeds up the process as well as member experience.” The board is made up of 5 members who truly represent the people the credit union serves. She adds, “Each year, we put it out in our newsletter, and on social media that Operating out of one location in Minot, Aspire Credit Union has 6,500 members, and extends its reach into six counties. One of the many benefits of membership is that as a credit union, Aspire is member-owned. “Our board is all volunteers, there are no stockholders, the members own the credit union.” Financial crime has been around for ages. A recent rise in the prevalence of financial fraud, however, is hitting the industry hard. Credit unions have increasingly become a top target for fraudsters due to the amount of personal information they require from their members. Especially in times when more transactions are taking place, credit unions must fight back. AUTHENTICATION TOOLS FACTOR IN Do you remember two-factor authentication (TFA)? It’s the login technology we use to prove who we are, and it began widely rolling out to banks in the 2000s. Today we call it multi-factor authentication (MFA) – the standard, trusted method to protect against increasingly sophisticated threats. Using these modern, secure MFA tools – which include Text, Video calling, and Real-time photo ID verification – community banks and credit unions can stay ahead of fraudsters, and members can not only access their accounts, but also know who is reaching out to them. The key, though, is having the right blend of commonly used technologies and MFA tools – as part of a broad digital and in- branch communications strategy. Whether running a call center or integrating with your core, a credit union achieves peace of mind knowing they have a broad combined communications strategy that won’t disrupt their current environment. For more information, visit: www.eltropy.com How Community Financial Institutions Can Fight Back Against Fraud in 2023