The online channel is a critical service tool for credit unions. The ability to provide convenient services anywhere and from any device is essential to a credit union’s member experience. However, online access provides fraudsters with a key channel to target members and your credit union quickly and effectively. It is also one with growing obscurity that challenges credit unions’ ability to ensure they properly authenticate and verify members and potential members.
Data breaches have fueled new authentication challenges with the main goal of identity theft. While technology security continues to evolve, fraudsters continue to access Social Security numbers and other personally identifiable information (PII) such as names, addresses, and birth dates from these breaches compounding the problem.
Stolen PII has significantly added to the number of identity theft-related fraud losses reported. Fraudsters continue to impersonate members to carry out fraudulent transactions. Here are some common examples to watch for:
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