CO-OP Financial Services
FraudBuzz Webinar Series: Turning Fraud into Engagement Gold
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Category: B2B
Type: Content Marketing
Channel: Webinar, Digital, Email
Industry: Banking
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Challenge:
In 2016, the credit union industry experienced a pronounced increase in fraud even though most credit unions had enabled new EMV chips in their debit and credit cards. Much of this fraud stemmed from the increased use of online payments (card not present) coupled with increased security measures adopted by the big banks. Fraudsters were looking for soft targets and credit unions found themselves in their crosshairs.
CO-OP Financial Services’ (CO-OP) sales team was having a challenging time talking to clients about new solutions. The conversations kept migrating to talking about fraud which was a major pain point for many credit unions. CO-OP needed to demonstrate to its clients that it was aggressively helping them tackle fraud issues. Although CO-OP had recently launched CardNav, a mobile app that allowed cardholders to turn off/on their cards as well as send transaction alerts to prevent fraud, the majority of new products were still in development and would not be ready right away.
Solution:
Rather than focus on fraud technology solutions, we chose to focus on sharing the latest fraud trends as well as measures that credit unions could take to educate their employees and members to prevent fraud. By crowd sourcing with credit union leaders, we would able to provide an authentic picture of fraud issues facing financial institutions as well as share best practices.
To facilitate this discussion, we launched FraudBuzz in September 2016. The monthly 60-minute webinar was hosted by our new fraud analyst. We kept the format basic to allow for maximum flexibility. An opening 10-minute segment was devoted to a key fraud topic such as card skimming while the next 45 minutes was a fraud roundtable discussion with credit union guests. Attendees were invited to submit questions and comments during the live webinar. The goal of the webinar was to create engagement and positively influence our net promoter score.
Result:
The inaugural FraudBuzz webinar attracted more than 800 attendees; shattering CO-OP’s previous webinar record by 100% and exceeding our attendance goal by 220%. Subsequent webinars averaged over 500 attendees and it was a huge success with both our clients and the sales team. Getting out in front of this discussion had a very positive impact on client sentiment towards CO-OP. Instead of fielding fraud complaints, sales teams were able to have constructive fraud conversations and easily pivot to discuss payment solutions.
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