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Despite an overall slowdown in financial crime in 2023, credit unions had a tough year when it comes to fraud losses, according to a new report from an identity risk solutions company.
The 2024 State of Fraud Benchmark Report, released Thursday by the New York, N.Y.-based Alloy, revealed 79% of credit union and community bank decision-makers surveyed experienced more than $500,000 in direct fraud losses in 2023 – higher than any other segment included in the survey. That compared to 65% of mid-market banks, 63% of enterprise fintechs, 62% of enterprise banks, 57% of online/pure play lending banks, 32% of both regional banks and mid-market fintechs, and 28% of strategic fintechs whose decision-makers reported fraud losses of $500,000 or more last year.
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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.
