Transaction risk and fraud

by The CU Lab

Transaction fraud continues to be a top risk for financial institutions across the country. We are back with our fraud expert and Allied Solutions Vice President of Risk Consulting, Ann Davidson. In today’s episode, we’ll discuss transaction risks and the fraud that comes with them.

Key Takeaways:

  • [04:16] Paper checks, ACH, and card and card numbers are really top of the list. Card risk is number one today.
  • [04:45] Bad actors are getting the transaction data through social media, phishing, credential stuffing, the dark web, and pretending to be the credit union. The number one ways are phishing and getting the consumer to give up their account number or card information.
  • [09:07] It is looking at those transactional limits and the authentication layer. That is the biggest issue today.

 

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