Training

Fraud Management & Cybercrime , Fraud Risk Management

OnDemand: How Credit Unions Can Grow Their Businesses Safely by Navigating the Growing Risk of Fraud

OnDemand: How Credit Unions Can Grow Their Businesses Safely by Navigating the Growing Risk of Fraud

Fraudsters are seeing more opportunities to exploit both credit unions and members as adoption of digital financial services increases in North America. Across the region, over half of credit unions report increases in account takeover fraud (63%), synthetic identity fraud (58%) and card-not-present fraud (53%).

The impact this has on credit unions is multi-fold: Accounting for fines, fees and effort spent on investigating fraudulent transactions, credit unions are incurring fraud costs approximately 4.76x the actual value lost to fraudsters. This does not even consider the detrimental impact that more stringent fraud prevention measures have on the customer experience — approximately 75% of credit unions note a detrimental impact fraud has on member trust.

To successfully defend against evolving fraud risks, credit unions need to implement a broad and integrated range of fraud solutions that assess physical identity, digital identity and transaction risk. Join this session to delve deeper into the above.

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