Last year, well over half of all financial institutions lost more than $500,000 to fraud. However, for the credit union industry, it was even worse.
Fraud is a serious issue plaguing financial institutions. The Federal Trade Commission (FTC) reports that consumers lost a whopping $5.8 billion to fraud in 2021 alone. But while the numbers for [...]
Put yourself in your members’ shoes for a moment. You’re going about your day, shopping online, planning a family vacation and paying your bills. Then, you get an alarming call from your CU.
Fraud and risk teams at banks and credit unions have had enough. Since at least 2020, there’s been a parabolic increase in all forms of bank fraud, resulting in a drastic increase in mitigation [...]
A new report from the office of Senator Elizabeth Warren has revealed what many in the banking industry already know. Zelle fraud is on the rise, and unless proactive, cost-effective steps are [...]
Small credit unions and banks are now at the highest risk, perhaps ever, of fraud attacks and subsequent financial losses. Recent reports show that fraud incursions have increased by 71% at small [...]
The Federal Reserve has announced a new, narrow launch window for its FedNow real-time payments service. After years of development, testing, pilot programs and delays, FedNow will officially go [...]
In 2020, the FBI arrested an Amazon employee after issuing more than $96,000 in fraudulent refunds. To achieve this fraud, the Amazon insider created multiple buyer accounts to purchase [...]