Holiday 2018 spending could reach $1 trillion, according to PWC research. While retailers and financial providers look at the number and see dollar signs, unfortunately so do fraudsters. Last year, online fraud attempts increased by 22 percent and we can expect that percentage to be similar or larger this year. Protecting members against fraud is a top concern for credit unions. Even with the best fraud mitigation tools and strategies in place, avoiding fraud losses requires vigilance by credit union employees and their members. The best way to boost fraud awareness is to stay ahead of the latest security threats, actively communicate them to employees and members, and ensure your cybersecurity systems are properly in place.
This week we share five holiday-related fraud stories and strategies you can use to prevent fraud now and all year round. As always, don’t hesitate to reach out to us for advice and solutions to help you in the fight against fraud.
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