Identity Theft Fraud Notification & Best Practices
A recent rise in identity theft and account take-over fraud has shed light on the need for added safeguards for shared branching acquirer locations throughout the network. The primary fraud MO is a perpetrator utilizing member data to obtain a very good identification document (Driver's License, Government ID, etc.) and then going to a shared branch location to withdraw funds - either check or cash. In the majority of these cases, the loss could have been prevented if the teller followed best practices and thoroughly compared the ID to the Member Verify response.
It is extremely important for tellers to carefully compare the identification information to the data sent by the issuer as shown on the teller screen, and the physical presence of the member performing the transaction.