Cybersecurity is a concern that cuts across all industries and economic sectors. But the potential for online fraud is especially worrisome in the financial services sector, where financial institutions are considered to be prime targets for fraud and cyber attacks.                     

Credit unions are particularly vulnerable to cybercrime, due to the fact that they typically use off-the-shelf services to operate their mobile or Internet banking. They often don't have individually optimized systems equipped to manage unauthorized system access and illegal fund transfers from member accounts.

As the fraud landscape for credit unions continues to evolve, it has become mission-critical for credit unions to understand the nature of the cybersecurity threats they are up against, and to develop response strategies that maximize security without sacrificing customer convenience.