Three Ways Eltropy Takes the Risk Out of Member Texting
February 8, 2021
When it comes to communicating sensitive information to credit union members via text messaging, data privacy is often the number one concern.
While the benefits of text-messaging are impossible to ignore, it’s critical credit unions choose a trustworthy texting solution that remains secure and compliant with industry regulations. Ensuring sensitive personal information, such as account numbers, loan information, and Social Security numbers don’t fall into the wrong hands is paramount.
According to Strategic Link partner, Eltropy, there are three major risks credit unions should be aware of when implementing an enterprise text messaging solution.
1. The Trouble with MMS
Multimedia messaging, MMS, is text messaging that includes a picture or video. MMS technology is popular because it supports video clips up to 40 seconds in length, ringtones, audio clips, contact cards, and more. However, it is inherently insecure.
The trouble occurs when an attacker sends a malicious video message, one in which the attachment is infected with a virus. If the attachment is opened upon receipt, the receiver’s phone become infected. Often an MMS is then autonomously sent with an infected attachment to all the contacts in the recipient’s address book.
Eltropy’s ability to share files securely is one of its greatest (and most unique) values, according to its credit union partners.
“Eltropy was an obvious partner due to its focus on service, innovation, commitment to security, and strong industry record,” said Stacie Wyss-Schoenborn, President and CEO of Central Willamette Credit Union in Albany, Oregon. “Since signing with Eltropy, CWCU has experienced top-notch treatment. The level of service and communication with the Eltropy team has been beyond what we could have hoped for.”
2. Security Challenges with Mobile Phones
Because mobile phones are pocket-size versions of computers, it can be difficult to remember they can be just as vulnerable to cyber-attacks. Fraudsters are getting increasingly creative in their hacking efforts, sometimes masquerading as a legitimate banking app, duping users into installing it, and then stealing their credentials.
Additionally, the framework of the global telephone system can be compromised to intercept calls and text messages, and disrupt mobile communications. These types of attacks often impact the financial services industry. For example, a few years ago, scammers redirected text messages banks used to send one-time passwords, and then used the passwords to siphon money from victims’ accounts.
The level of security Eltropy offers is often cited as a top reason credit unions sign on with the Strategic Link partner.
“We know a significant portion of our members prefer to communicate [with text messaging], but standard SMS does not provide the level of security we require for handling member information,” said James Yates, President of First Education Federal Credit Union, in Cheyenne, Wyoming.
3. Knowing the Regulations
Understanding and operating under the Telephone Consumer Protection Act and Consumer Finance Protection Bureau regulations is imperative to minimizing fraud risk. The TCPA prohibits businesses from contacting consumers unless the company has “prior express consent” to make contact. The CFPB focuses on enforcing laws against “unfair, abusive, deceptive or predatory acts” committed by financial services companies.
Eltropy’s solution is compliant with FCC/TCPA regulations, offering “clear and conspicuous disclosure” as well as secure information sharing — another top contributor to credit union satisfaction.