Don’t be spooked by fraud!
Creating a web of prevention, detection, and prediction is the best defense against fraud. In some cases, it will require slight tweaks to an existing fraud strategy to prevent massive losses. In other cases, a risk mitigation strategy may need to be built or overhauled to keep up with current trends. Taking steps to proactively protect your credit union and its members can safeguard against today’s scariest fraud crimes. These best practices can aid you in stopping fraud before it happens, detecting fraud when it happens, and predicting where the bad guys will strike next.
Prevent Fraud: The Importance of Authentication
Thoroughly authenticating information and users of information is a first-line defense against fraud. Authentication should touch every area of the business from employee access to member online banking.
Some best authentication practices include:
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