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Phishing Scams Are Targeting Credit Unions: How to Protect Institutions & Members

While no security measure can guarantee attackers won’t be successful, these five can increase the likelihood of stopping an attack.

By Abhilash Garimella | November 25, 2024 at 10:00 AM
Credit/Shutterstock

Phishing attacks are targeting every industry; however, financial institutions are dealing with more than their share. In 2023, according to PYMTS.com, fraud-related costs surged to $3.8 million for financial institutions with assets exceeding $5 billion, indicating a 65% increase from the previous year. Forty-seven percent of financial institutions reported account takeover fraud (ATO) in the past year, while phishing attacks continue to target 73% of banking customers, leading to further security breaches. 

Numbering just over 4,500, credit unions are a mainstay in the U.S. and are not exempt from scams or fraud. The threat research team at my company recently identified a surge in phishing attacks targeting these institutions and smaller lending partners. We uncovered a sharp increase in malicious URLs targeting prominent credit unions and banks, with an average of 500 phishing domains during the months of May, July and August 2024, with more than 4,000 URLs found in June 2024 alone. The scale and coordination of these attacks suggest a well-organized operation. The result is widespread risk for financial institutions and their members.

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