by MaryAnne Colucci, Director, Fraud & Risk
Originally Published on CUInsight
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.
What tools are fraudsters using?
Other technology-related factors
What does this mean for credit unions?
While technology can be harnessed by fraudsters, industry professionals are working diligently on technology and methods to meet the challenge and combat fraud attacks. Some ways credit unions can be proactive against fraud include:
With the help of the right tools and partners, credit unions can help reduce the risk of fraud for themselves and their members.