Uncover the Top 5 fraud schemes and proven defense strategies

by Preston Packer, FLEX

As the financial world becomes increasingly digital, fraud in all its forms is on the rise. This is especially true for credit unions, which are often targeted due to their perceived lack of security when compared to their larger counterparts.

While there are many fraudulent schemes that are unfortunately common for credit unions in particular, there are also a number of proven defense strategies that can help stop them in their tracks.

1. Synthetic fraud

Problem: An example of synthetic fraud would be a situation where an attacker uses actual data like a social security number, combined with fraudulent data like a fake name, to sign up for a financial account with a credit union.

 

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