Real-time payments may be cutting-edge for credit unions, but one industry pro says a lack of dispute-resolution mechanisms could send card fraud through the roof.
Although a growing number of platforms help credit union members settle transactions quickly, when members have a problem with a transaction or want their money back, there’s often little in the way of help — which makes life easier for fraudsters and harder for credit union executives and their members, according to Global Risk Technologies CIO and Chargebacks911 COO Monica Eaton-Cardone.
“The pitfall is there’s no dispute mechanism, there’s no chargeback mechanism, and in the hurry to just get something into the market because payments are such a hot topic, we’ve forgotten that infrastructure that really needs to be in place,” she told CU Times in an interview.