Hard fraud lessons for credit unions
Of all the lessons we should learn from the high-profile data breaches of the past few years, a few of them are probably ones small businesses and credit unions probably haven’t given enough consideration. I’ll pose them here:
- Lesson No. 1: Unless they are egregiously flippant and callous about the impact on their customers, most big companies will survive a fraud incident – albeit bloodied and bowed – no matter how dramatic and well-publicized the breach is. The corollary to this is that small and medium businesses aren’t as invincible in the wake of an event.
- Lesson No. 2: Ignoring lesson No. 1 can spell disaster for a small or medium business, yet many of them are doing exactly that.
- Lesson No. 3: Financial institutions need to step up and support their business customers’ fraud-prevention efforts, because these critical components of the American economy are struggling with the issue.