The latest news about Yahoo's massive 2013 data breach – which impacted more than 1 billion users – is a reminder to credit unions that there is no end to crooks (cyber or otherwise) trying to compromise consumers' data in hopes of stealing cash, credit and identity. And while preventive fraud solutions at CUs can combat many of these dangers, new threats are emerging nearly every day.
According to a 2015 Deposit Account Fraud Survey, last year saw a 74% increase in fraud attempts over 2014, and news headlines reflect this trend. Throughout the year, many credit unions experienced high levels of debit card fraud due to malware that was successfully designed to extract member card data. Merchants also continued to deal with attacks, including the fast food chain Wendy's, which experienced a significant data breach that even led to one credit union blocking all member transactions at the restaurant.