Credit unions, CUSOs fighting fraudsters

Credit unions across the country are on high alert for scammers looking to take advantage of members during the pandemic and are stepping up fraud prevention efforts as a result,” according to PYMNTS’ April Credit Union Tracker® done in collaboration with PSCU.

Detailing warnings recently issued by New York’s Sidney Federal Credit Union and the City of Boston Credit Union, among many others, credit union (CU) members are the target of cyberattackers posing as the Centers for Disease Control (CDC), the World Health Organization (WHO) and other legitimate organizations publicly associated with the pandemic response.

The fact that fraudsters use tragedy for their own gain is nothing new, of course. But attack vectors and sheer COVID-induced mayhem are ideal conditions for cybertheft, and CUs are in the crosshairs of several familiar scams that have rapidly spread, much like COVID itself.

Analyze and Strategize

CUs have taken heat for not following tech trends or digitizing fast enough. Ironically, the fact that many CUs have undertaken core systems upgrades can make them a more visible target, although one that has been hardened against just these kinds of cyber raids.

 

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