It takes a lot of work and more money to fight fraud.
Every dollar of fraud now costs credit unions and other financial services providers about $2.92 in fees, fines, interest, labor and other expenses — a 9.3% increase over 2017, according to new data from LexisNexis Risk Solutions.
The survey of 175 risk and fraud executives at credit unions, banks, and investment, trust, and wealth management firms also found that fraud costs consumed 1.53% of every dollar of revenue for financial services providers in 2018, compared to 0.95% in 2017.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
