This week we began using our new fraud prevention and e-Signature System. Our staff has really picked up on it well, learning the subtle nuances of scanning driver licenses and resetting the occasional frozen signature pad. What surprised me most about this new setup is that very few credit union members have asked any questions about it. So here is my starter list of e-Signature questions and answers.
- Where does my signature go? Signatures are attached to an electronic copy of your receipt. They are stored in a secure database which is only accessible by designated credit union staff. In the past, signed receipts were stored in a box in our storage room. The new electronic storage is actually much more safe and secure than the previous method.
- What else are you going to put my signature on? When a signature is captured electronically, it is actually merged to become a permanent part of the document you are signing, just as if you had sign an actual piece of paper. Our e-Signature system does not have the ability to move your signature once you have tapped the “OK” on the signature pad. At that point it is made permanent and can only be slightly re-sized for legibility.
- Why is my signature still on the pad when I’m ready to leave? Your signature will disappear from the pad as soon as our teller has completed the transaction. The teller may have more work to do on your transaction such as scanning some kind of document relating to the transaction, such as a Power of Attorney or a Marriage Certificate.
- Why do you need to scan my ID? We’re required by law to accurately identify everyone who does business with us. Since most of our members come in regularly, we know them pretty well and don’t need to request ID for each and every transaction. By scanning ID’s into our computer system, we’re making it so that we don’t have to ask for ID in the future because we’ll already be able to see that you look like the ID we have on file. So it not only saves time, it potentially eliminates any possibility of face to face fraudulent activity on your account.
- Do you need to scan my driver’s license every time I do a transaction? No. Once we scan your ID the first time it is saved once and for all. This way we can pull it up on our screen every time you come back for a transaction and we can be sure it is you.
- Will this help make my money more secure? Yes. Having the ID quickly assessable by our computer system will ensure that no one can just walk in pretending to be you and try to transact business on your account. In the long run it’s also faster than having to ask for ID and virtually eliminates face to face fraudulent activity.