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Despite significant ongoing investments, fraud continues to impact credit unions across all member touchpoints, regardless of channel. And with the frequency – and level of sophistication – of attacks increasing, many credit unions are more closely evaluating their fraud posture for the remainder of 2023.
A recent survey conducted by Alloy (featuring more than 250 financial services decision-makers) frames the scope of the problem, with 27% of respondents reporting that they lost over $1 million to fraud in the last 12 months. Seventy percent of respondents reported losing over $500,000 to fraud, with fintech companies and regional financial institutions being the most likely to report higher losses (37% of fintechs and 31% of regional financial institutions estimated losing between $1 million and $10 million).
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