Top 5 fraud trends for 2022

by Co-op Solutions

Digital acceleration has transformed the way consumers spend and has had a major impact on how credit unions engage with their members. Digital is also serving as the primary catalyst for an evolving payments fraud landscape.

The major fraud trends we’re watching in 2022 started out as predictions, but they are rapidly becoming reality in the first quarter of the year. Without further ado, let’s dive into our Top 5 Fraud Trends for 2022.

1. Beware the “Scampocalypse”

A variety of new methods of scamming cardholders has emerged on the scene, partly due to pent-up demand and supply chain bottlenecks. These macro-economic issues have led to a new trend in which fraudsters create scams preying on consumers’ desires for products and services that don’t even exist. The “scampocalypse” ranked as the #1 concern among attendees of Co-op’s February Fraud Buzz webinar.

 

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