Safeguard your credit union from skyrocketing card-not-present fraud

by The CU Lab

Financial institutions across the country continue to experience card-not-present (CNP) fraud at an alarming rate and it is not stopping. Currently in the top fraud spot, this type of fraud occurs online and involves both credit and debit card numbers. Ann Davidson of Allied Solution outlines how these nefarious attacks are occurring and how to prevent this type of fraud before it happens.

Key Takeaways:

  • [02:05] The credit union members are shopping with COVID and not going face to face into brick-and-mortar locations. They are doing everything online. As they continue to shop online the bad actors are out there shopping online too. 
  • [06:25] Charge-backs are in an authorization report with a field at the top that says POS. Authorization Reports are a key report.
  • [09:21] Validate your authentication layers. Expand on the validation if they are getting through. Multi-factor authentication is key. 
  • [14:27] Educate your cardholders to never share personal or financial information. If you are getting a call from the credit union’s fraud team, hang up and call them back on a number you recognize. 
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