With the adoption of security measures such as EMV chips, fraud criminals are now focusing on digital channels. With credit unions adopting more digital strategies, online fraud and data breaches are an increasingly-present threat. How can credit unions effectively prevent and control the impact of fraud?
Financial companies that derive most of their revenue from online and mobile channels have substantially higher fraud costs than do similarly sized companies that rely less on the internet, according to a new report.
In the ever-changing era of cyber threats against payment and personal data, it is dangerous for companies or financial institutions to spend a lot of time or money establishing defenses only against external threats.
Recent NCUA prohibition orders have included restitution payments ranging from $14 million to $18 million, but it remains to be seen whether such stiff penalties will curb the incidence of fraud at CUs.