Strategies to mitigate fraud
Learn proactive strategies to safeguard your credit union and protect members from evolving fraud threats.
As credit unions embrace digital transformation, they modernize their operations and improve member services. However, this shift also introduces new vulnerabilities for fraudsters to exploit. From 2019 to 2023, the volume of suspected digital fraud grew by a staggering 105%. Fraudsters have become more sophisticated, using advanced technologies to carry out their schemes. To safeguard operations and protect members, credit unions must adopt comprehensive and proactive fraud mitigation strategies.
Understanding fraud trends
To effectively combat fraud, credit unions must first familiarize themselves with the most common types of fraud in the industry:
- Phishing attacks: Phishing attacks use deceptive emails, texts, or websites to trick individuals into providing sensitive information. Since late 2022, there has been a 1,265% increase in malicious phishing emails. Credit unions must educate members on recognizing and avoiding phishing attempts.
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