While much of the response to fraud is reactive, MemberPass is proactive. Credit unions work to get members using MemberPass as an active measure to prevent fraud. As I said earlier, to date, seven credit unions have issued credentials to over 22,000 members or about 2% of the eligible membership of those same credit unions. Julie Esser, Bonifii’s SVP of Client Engagement expects the number of credit unions using MemberPass to more than double in 2021 and the number of eligible members to jump by almost an order of magnitude.
Increasing the number of credit unions using MemberPass is the first segment in the adoption journey. MemberPass is already integrated with some of the back office platforms that credit unions use, easing the journey. Bonifii is also working with third party integrators to ensure they’re technically ready to do the integrations for the rest.
The second segment of the adoption journey is increasing the percentage of members enrolled from the current 2% to 5% and then 10% over the next year. To do that, Bonifii works with credit unions to train frontline staff in the enrollment process
. Early enrollments are happening in the branch. But enrollment can also happen on the phone. The phone enrollment process takes 3-5 minutes. The member receives the MemberPass credential while they’re on the phone so the call center agent can help with any problems.
First Education Credit Union’s President, Jim Yates, says
that most new members are signing up. Signing up the larger body of existing members will likely require a move to self-enrollment since many never come into a branch. Self-enrollment is possible within the authenticated context of the credit union’s web site. If the member chooses to enroll, they’ll be directed to download the MemberPass app and then scan a QR code. This establishes a secure DIDComm connection
. The credit union can then make the MemberPass credential offer. UNIFY Financial Credit Union allows self-enrollment now their online banking application.
Once a member is enrolled, the credential can be used in-person at the branch, in the drive-thru lane (with or without interactive teller machines), on the phone, or online. This is not only more secure, but often more convenient as well. For example, someone going through the drive-thru lane can authenticate without passing plastic credentials back and forth. Logging in no longer involves receiving a text and then typing in the code. And calling into the call center no longer requires answering a series of questions of questionable value.
Instead, a push notification on the member’s phone asks them to verify they’re the one transacting with the teller, call-center employee, or web site. The member clicks “accept” and they’re done. Behind the scenes, this is a proof request made through the already established DID connection. By clicking “accept”, the member is responding to the request and proving attributes from their MemberPass verifiable credential.
And it’s a win for the credit unions too. Desert Financial’s EVP Ron Amstutz says
it’s an important step in reducing fraud. Desert Financial knows they’re talking to a member and the member knows they’re talking to Desert Financial. Desert Financial is initially recruiting members for the program who call into the call center frequently since that’s a big pain point.
Zach Eychaner from 4Front Credit Union says
the call center is the first focus for them as well. They are able to shave 30-40 seconds off of each call. With 20,000 calls a year, that time adds up.