CUInsight Minute with Alyssa Angurio – October 21, 2022
Our favorites from the week in sixty seconds.
Welcome to the CUInsight Minute, sixty seconds from our Community and Marketing Coordinator Alyssa Angurio with our favorite reads from the week.
Mentioned:
Check your lists, and check them twice: 2022 holiday fraud trends
by ERIC TRAN-LE, NICE ACTIMIZE
The holidays are just around the corner to usher in a bustling season of togetherness, shopping, travel, and charitable donations. It’s a special time of year for many of us – including fraudsters.
Between November and January this year, holiday sales will reach $1.45 to $1.47 trillion. Though inflation will contribute to reduced growth in sales volume, dollar sales will increase, and consumers are anticipated to send e-commerce sales soaring as they seek to get more bang for their buck via online deals. Compared to the 8.4% growth of 2021’s holiday season, e-commerce sales alone are expected to grow 12.8% to 14.3% year-over-year to hit $260 billion and $264 billion.
Frauds and scams accompany the season as bad actors take advantage of spikes in online activity and transactions, busy consumers, FOMO, and the overall spirit of generosity that punctuates the holidays.
However, being aware of the latest scams and fraud attacks can prevent people from becoming victims and can ensure that credit unions are better equipped to protect their customers.
On that note, below is a rundown of the top holiday fraud trends of 2022. [read more]
How recessions affect members and how CUs can help
by SETH BRICKMAN, QCASH FINANCIAL CUSO
In past conversations and interviews I have done, I have spoken about the “smoke detector battery” principle.
A smoke detector battery never seems to die on a Tuesday afternoon at 2 PM when you can take a few minutes to do something about it. It always seems to occur at 2 AM in the middle of the night or within an hour of you falling asleep.
That is how the inconvenience of life events work, and members deal with a lot of unexpected emergencies that require funds an individual may not necessarily have at the moment. Local credit unions can step in and fill that void of financial instability by offering the necessary financial inclusion resources when members have more month than money. So, while consumers can debate the arrival or pending arrival of an economic downturn, the specific consequences of that downturn remain difficult to predict – just like the moment the smoke detector dies.
Not all is lost, however. If your credit union has onboarded the digital and mobile banking tools readily available to help your members make it through these uncertain times, well, you have done your part. You HAVE done your part, right? [read more]
Workplace wellness initiatives that make a difference
by EVELYN LONG, RENOVATED
Recent years have seen a resurgence in workplace wellness initiatives. It makes sense — after all, many Americans spend most of their waking hours at the office. Such initiatives promise to save employers big bucks when done right, as sick days and workplace injuries cost employers $225.8 billion yearly.
The workplace wellness discussion is also important for credit unions, since branch spaces lean on customer service professionals that are feeling empowered and at peace while working in person. What should savvy leaders consider for their growing teams?
Here are five workplace wellness initiatives that make a difference. [read more]
