The Technology Behind Rising Fraud: What It Means for Credit Unions
Consumer reports of fraud losses to the FTC increased by 70% from 2020 to 2021 (FTC). Technology is the power behind many of these fraud attacks. According to a survey by ID Insight and About-Fraud, 65% of fraud-fighting professionals see fraudsters as having better tools and resources than themselves. Understanding the types and uses of this technology can help credit unions work better with their staff, members, and payment processing partners to defend against fraud attacks.