Mitigating fraud threats is top-of-mind for executives at credit unions of all sizes, and to learn precisely what they're doing to keep their data and other assets out of thieves' hands, CU Times recently asked readers to complete an online survey.
In the new whitepaper “Standing Up to Fraud: How Credit Unions Mitigate the Threat Landscape,” CU Times will reveal the results of that survey, as well as reactions and insights from industry experts. The goal of the research is allow credit unions to benchmark their fraud mitigation efforts against their peers and implement new strategies that will keep their institution – and their members' data – safer than ever.
One finding that raised concerns for fraud experts was credit unions' apparent lack of offering adequate member fraud education. According to the survey, internal controls are the top tactic credit unions employ to prevent fraud (40.37%), followed by strong cybersecurity measures (22.94%), data and analytics (20.18%), employee training (13.76%) and member education (2.75%). Nearly 12% noted they utilize all of the above strategies.
Steve Ruwe, chief risk officer for the St. Petersburg, Fla.-based PSCU, said he recommends credit unions spend more resources on member education.
“Credit unions are very focused on this and do a good job of addressing fraud on a number of levels, but I was surprised to see member education as low as it was,” Ruwe said after reviewing the survey results. “We believe involving the member in fraud prevention can be a successful strategy for credit unions. There are tools out there, such as alerts and controls they can put on their card, which at an industry level are being underutilized and can help them prevent fraud.”
The full whitepaper can be downloaded here. Readers can also stop by CU Times' booth at the NAFCU Annual Conference in Nashville (#825) June 14-17 or at CUNA's America's Credit Union Conference in Seattle (#333) June 26-29 to pick up a hard copy.
Join us at Credit Union Times' Fraud: Don't Let It Happen To Your Credit Union Conference, where you will find the latest tools and techniques for preventing fraud and data breaches; strategies for responding in the immediate aftermath and best practices for restoring reputation, financial stability and information security. This two-day conference is designed for credit union executives, boards of directors and those responsible for your credit union's cybersecurity policy. Register to attend and save $150.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
