ST. PETERSBURG, Fla.-Every CU should know its members and apply mobile check deposit policies based on an individual's relationships and demographics, advises Cindy McGinness, new product development manager at PSCU.
"There is a growing emphasis among credit unions on knowing their members and what rules they apply to each and who they allow to deposit checks remotely," she said. "The financial institution has to sit down and look at what their risk is, with each member; maybe they don't give immediate access to a freshman college student or a new member with no balance in their checking account."
Just as important is understanding who some of the fraudsters are, said Shirley Inscoe, senior analyst at Aite Group, Boston, who believes it is critical that banks and credit unions partner to share files on individuals known to commit mobile check deposit fraud. "It's the old adage of not letting one bad apple spoil the bushel. By identifying the people who want to take advantage of the system, financial institutions can feel more confident in raising thresholds for their customers and members."
