Scam-proofing credit unions: Five expert tips to combat fraud
Fraudsters no longer come through your front door- they come through your phone. We recently sat down with Greg Olmsted, President and CEO of North Alabama Educators Credit Union for our T.I.P.P.S. podcast. Greg has dedicated 38 years to the credit union industry, serving in his current role since 2003. He shared tips on what his credit union has done to help fight fraud including partnering with their community to raise awareness and provided tips on what others can do to protect consumers.
The growing fraud concerns for credit unions and their members
We all know that fraud is a growing concern for everyone, and credit unions and their members are no exception. Recent statistics reveal that over $10 billion was lost to fraud in 2023 alone. Olmsted shared insights into what his credit union is experiencing and how they are addressing this critical issue.
“Unfortunately, fraud is something that our members are seeing on a daily basis, and as a result, we’re also dealing with it everyday. Our job is to protect our members’ money. We’re seeing more and more attempts to separate members from their funds, and we’ve placed a premium on making members aware of the scams out there. Our goal is to detect these issues before they happen, keeping our members from losing their hard-earned money,” said Olmsted.