Fraud Series Part 1: Learning the red flags of payment card, ACH, and wire fraud

In this episode, you’ll hear from fraud fighting expert, Ann Davidson, about the trends of payment card, ACH and wire fraud, how to spot fraud before it happens, and tactical ways to put prevention measures in place.

Key Takeaways:

  • [03:09] Credit unions need to identify, validate, and confirm what layers of security do we have in place.
  • [04:38] We need to look at daily dollar limits as we approve a credit card for a member today. Allow members to set a daily dollar limit and let the credit union know if they are going to do a big purchase.
  • [06:06] Daily dollar limits and number of transactions are two huge risk mitigation prevention tools.


continue reading »