The cost of fraud for credit unions.
A dollar of fraud costs credit unions and other financial institutions $2.67 in chargebacks, fees, interest and labor, according to a new study by LexisNexis Risk Solutions.
The survey of 185 risk and fraud executives at credit unions, banks, wealth-management companies, trusts and investment firms found that fraud's price tag is even higher when the institutions have at least $10 million in annual revenue and earn at least 50% of it via online or mobile channels. For them, every dollar of fraud costs $3.04, versus $2.35 for similar institutions that get less than 50% of their revenue from online or mobile channels.
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