Save The Date - Our Annual Meeting 2016

Posted On: February 22, 2016
Category: February 2016
CU Service Network Annual Meeting 2016

Save the Date for May 19, 2016, Denver, Colorado

This year, things are different. Really different.

We've been talking a lot about collaboration for the past two years.

This year, come to our Annual Meeting not to hear about the same old stuff - but to really talk about how to make credit unions stronger, more efficient, more relevant...and shake things up.

Even if you have never been to our Annual Meeting before, we invite you to come and meet with your CU peers. After all, credit unions are stronger together.

We have a very special guest speaker coming to talk about collaboration in the financial field:

Bernard Brun, Director, Desjardins Group, Montreal, Canada

Desjardins Mr. Brun is the Director of the leading cooperative financial group in Canada and the fifth largest cooperative financial group in the world with assets of $227 billion. It is considered the number one safest and strongest financial institution in North America according to Bloomberg News. Learn more about the Desjardins Group here   Be on the lookout for updates and announcements. We can't wait to see you there!
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Shared Branching Fraud Protection

Posted On: February 22, 2016
Category: February 2016
fraud By Trisha Wiggin-Fausnaugh, Project Manager Unfortunately, fraud is a reality for all financial institutions, and losses from fraud can be considerable. We’ve seen an upsurge in fraud and potential fraud through shared branching and associated products, like NextGen ATMs and Sprig. There are some things that you can do to help reduce this type of fraud and to spot it quickly should it occur. Check Your Reports Daily Your daily reject reports are a good place to spot potential fraud. Check the Issuer Reject Report (D204) for large numbers of rejected Member Verification (VERSLI) transactions, especially for sequential account numbers or for more than usual done at a single acquiring credit union. There may be several attempts done all at once and then more attempts throughout the same day. This can be a sign that an employee at another institution is looking for valid account numbers and large balance accounts at your credit union. Check the Acquirer Reject Report (D303) for larger than expected rejected VERSLI transactions by any of your employees. Again these may include attempts in sequential order or for the same few issuing credit unions sporadically throughout the day. Look especially for rejected VERSLI transactions done after a valid transaction at the issuing credit union, but that never result in a financial transaction. Look at your Acquirer Terminal Summary Report (D303) for more transactions that expected from a single teller, especially rejected transactions. Other red flags include a large number of statement prints and multiple inquiries without financial transactions. For Acquirers Front office staff are the best defense against fraud. Your credit union may refuse to do a transaction that you suspect is fraudulent or “iffy.â€? Notify the issuer of your suspicions so that they will be forewarned and can act accordingly. Train tellers to carefully scrutinize all IDs that are presented and to match the information they contain to the information provided through the shared branching system. Encourage them to use the ID Checking Guide and any other tools you have in place to verify identification. Does the member information match the person in front of them? Teller should check the flag which reports the number of previous shared branch transactions the member has done that day. This flag is usually found with or near the freeform message field. Regrettably, employee fraud is also a possibility, and there have been instances when employees have been approached by people seeking to purchase account information. Remind your staff that all of their transactions, including all Member Verification attempts, are tracked by the system. Many times fraud can be tracked back to the offending teller by checking reports. Be alert for tellers who appear busy when others are not, particularly right after a shared branching transaction. Some credit unions have limited access to personal cell phones and other personal electronic devices with cameras at work stations. For Issuers Limit access to shared branching to new members. Consider blocking members with a history of negative accounts or delinquent loans. Have a clear procedure in place to block accounts immediately in case of any fraudulent or “red flagâ€? activity, such as a member reporting the loss of his ID. VCom Units CO-OP allows credit unions to use a White List to add members to 7-Eleven Vcom Units. If you choose to use this option, your credit union would approve all new users as they register. For more information, contact the CO-OP FS help desk at 800-782-9042, option 2. Fraud Alert System Participate in Fraud Alert Systems, including CO-OP Shared Branching’s Fraud Alert System. This is a voluntary program and not all credit unions participate. However it is one way to be notified of situations from around the country. The more credit unions that do participate, the more valuable the system will be. For more information, or to register visit https://fradalerts.co-opsb.net.  ]]>
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How to Scope Out Your Employees Online

Posted On: February 22, 2016
Category: February 2016
scoping Ever wonder if your employees are as sweet out of the office as they are in the office? What if they are saying less-than-savory things about your credit union? As the social media manager here at CU Service Network, I have seen a few things that would make your head spin. Now, some companies have rules written into their employee handbook about social media expectations - basically noting that employees must maintain a level of professionalism on their personal social media platforms while they are employed at the credit union. However, this doesn't stop employees if they want to rant or bad-mouth you under a screen-name. Fortunately, there are many easy and free ways you can scope out what your current and future employees are saying online, safeguarding your credit union's reputation. It's never too late to take the time and do a little digging.   1. Twitter: Ever search for your credit union's name in the Twitter search box? This is a super simple way of simply seeing what the chatter is regarding your CU. twitter   2. Hootsuite: Hootsuite is an amazing, free tool where you can monitor your Twitter presence. You can set up key words/phrases where every time someone uses that phrase (for example, your credit union name) on Twitter, you are notified - these are called your "streams." Last year, using the "shared branching " key phrase, we discovered a teller was bad-mouthing having to do shared branching transactions. With a little digging, we discovered her name and credit union (one of ours!). We contacted her supervisor and he was furious. HootSuite-streams   3. Facebook: Did you know there is a search option on Facebook not just to find friends but to find ANYTHING - events, phrases, people, places, you name it. Plug in your company's name to see what people are saying about you in statuses and posts. FB     4.Google Image Search: Ever wonder what online images are connected to your name? It may surprise you. Type in anyone's name - your's, an employee's - in Google image search and behold! Maybe a photo of your employee dancing on a bar. cusn     5. Spokeo: This site is pretty straight forward. Type in a person's name and see all the public results gathered from the web, including social media accounts.   Tips: Now, any smart employee who is going to bad-mouth your credit union will not use their real name on social media. Never fear! It is relatively easy to figure out who it is. Pretty much all individuals will use the same screen name across multiple channels. So, if **DarkAngel95** doesn't look familiar to you, try to search for that screen name in Google. Other profiles with that name will appear (like on Instagram, etc), and maybe you can find a photo of who is actually behind that screen name. Good luck and Happy sluething!  ]]>
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Innovation Aligns with Disruptive Collaboration

Posted On: February 23, 2016
Category: February 2016
COLLAB By Daniel Burk, SVP Business Development There was an article written recently in CreditUnions.com about collaboration. Actually, it was about “Disruptive Collaboration.� Two words that seem to be at odds with each other. Chris Howard, author of Disruptive Collaboration Is a Big Idea For 2016, stated that we have evolved past Collaboration 1.0 and Collaboration 2.0. The goals of these were to extend the capabilities of the credit union system, aggregate scale and reduce costs. There are several examples of collaboration in the marketplace; from core processors, specialists like myCUmortgage, and back-room consolidators like S3, Shared Services Solutions. CU Service Network is also a prime example of collaboration – it was created by credit unions as a cost effective means to acquire ATM services (1990s) and shared branching services, which still exist today. Howard’s premise was that we are now at Collaboration 3.0, which is founded on Disruptive Innovation. By definition Disruptive Innovation occurs when the value proposition for credit unions would be so improved that they would are willing to change proprietary systems, transform operating models, and replace restrictive business practices. By doing so, credit unions enable themselves to become far more competitive and efficient among the fast growing array of for-profit financial service providers. Disruptive Collaboration is applying Disruptive Innovation across several credit unions collaboratively to create real change on a strategic scale. How is CU Service Network involved? Since day one, CU Service Network has been a collaborator of products and services. We are a credit union service organization (CUSO), owned by about 50 credit unions and serve 130+ credit unions. But, you probably already know that. Not widely known is that we have been heavily investing in our R & D efforts the last 5 years. We have hosted a number of guest speaker events, conducted several product round tables, and created product committees to uncover the next product. We have launched 8 new products since 2014. Last year we launched the CU Collaborative Community – a web-based collaboration tool to share credit union issues, needs and ideas. Today there are over 165 registered users sharing information at a social networking level. What’s next?
  • We have moved beyond R&D into “Innovationâ€? for strategic research, product research and social networking research. Our Board has asked that we continue to invest in Innovation and produce tangible products and services for our CUSO participants to use.
  • This past January, CU Service Network embarked on new journey at a strategic scale. We are working with an industry leader to define and potentially create Collaboration 3.0 – Disruptive Innovation. Our consulting partner is widely considered a breakthrough financial performer with an unmatched track record of growing credit unions and providing leadership and direction in the non-profit community.
Join us Join us on this Innovation journey. We will be reaching out to credit unions for their input on how to create solutions that allow you to compete more effectively in the marketplace. Finally, attend at our Annual Meeting on May 19th. Bernard Brun, Desjardins Group, will discuss the impact Disruptive Collaboration has had on credit unions in Canada. We will also share more about our innovation partner and about the reasons you will want to join us on this exciting journey. Daniel Burk SVP Business and Product Development Disruptive Collaboration Is a Big Idea For 2016, Read more: http://www.creditunions.com/blogs/commentary/disruptive-collaboration-is-a-big-idea-for-2016/#ixzz3xdURRIqD    ]]>
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