How fraudsters are adapting to the ‘new normal’
What your credit union should do in response
COVID-19 will be an event talked about for many years to come. It will be known as the time when everyday lives changed and a new normal was adapted. However, one thing that will never change: Fraudsters and money launderers will always find ways to exploit new situations. Fraudsters adapt, sometimes more quickly than their prey. Credit unions must ensure they have evolved their detection and prevention practices to best protect their members.
Methods Fraudsters Are Likely to Use
As a majority of Americans receive relief funds and stimulus checks, the fraudsters are licking their lips to get as much of that as possible. Below are the top fraud vectors expected to increase in the new environment.
1. Phishing, Vishing, Smishing. These types of exploits will rise at an exponential rate as fraudsters use this pandemic as a scare tactic. They smell blood in the water and are taking advantage of the fear.
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