News Release…
Grand Rapids, Michigan –November 4th, 2009
To comply with Red Flag requirements to monitor things like address changes, a new Red Flag monitoring feature has been added to CU*BASE. This tool provides alerts to both the credit union and the member when changes are made to a member’s personal information to provide an extra layer of security against fraudulent activity.
When changes are made to a member’s name, email address, home phone or mailing address, CU*BASE records these changes for a rolling 30 days. If configured, warning messages are presented to both the member and the credit union employee. Before credit union employees enter selected screens (such as Teller, Inquiry, and Phone Operator), they will receive a warning message nothing how many changes have been made to these items in the last 30 days (this number is configurable based upon credit union preference). Members will also receive notification of the change in the form of a secure home banking message in It’s Me 247. If the change is to a member’s email address, the member will also receive an email notification to both the new and old email address, unless the old address was marked as a wrong address.
Each time a change is made to the member personal information, a Tracker entry is made on the Audit Tracker that records the old and new values. The Member Tracker system in CU*BASE is a helpful and easy-to-use tool to help credit union staff keep on top of important requests and issues. Tracker records can contain reminders to contact a member, follow-up on payments due, schedule and appointment and more. These records remain attached to a member’s account until manually purged; therefore serve as excellent documentation about an issue for future reference. For this reason, Trackers are used to document member activity related to compliance. Each time a compliance related event such as an OFAC scan, FIDM scan occurs, the CU*BASE system automatically adds a conversation to the member’s audit tracker – these ongoing conversations are recorded, and at a later date can be reviewed as a record of activity on the account.
The addition of this tool is one of many that CU*Answers, the CUSO providing CU*BASE, has implemented in the last year to enable credit unions to remain compliant with increasing regulations.
For more information contact:
Scott Page, EVP
800-327-3478 x103
spage@cuanswers.com
“Our goal at CU*Answers is to provide the tools necessary for our credit unions to succeed. In 2008 we made a promise to our credit unions that by utilizing CU*BASE, they will have the lowest cost of compliance in the industry,” says Jim Vilker –VP of Professional Services, and Manager of AuditLink. “As a 100% credit union-owned CUSO we are naturally tuned in to the wants and needs of our clients, because ultimately, their success is our success. This commitment is evident, and proves that it pays to partner with a data processor owned by its users.”
About CU*Answers
CU*Answers was founded over 35 years ago and is a 100% Credit Union owned CUSO located in Grand Rapids, Michigan. CU*Answers offers a wide variety of services for credit unions including its flagship CU*BASE Processing System in both an Online (ASP) and In-house environment, Internet Development Services featuring the It’s Me 247 Online Banking product, Member Check Processing and Direct Deposit processing services. CU*Answers provides combined services to 165 credit unions nationally representing nearly 1.5 million members and $10 billion in credit union assets. For more information about how “We Make Credit Unions Go” please visit CU*Answers at www.cuanswers.com.
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