How to address increasingly sophisticated phishing and identity theft scams
Is your credit union using these six fraud-preventing measures?
In the 2023 Annual Data Breach Report from Identity Theft Resource Center, there were 3,205 publicly reported data compromises that impacted an estimated 353,027,892 individuals. This report also highlights a 78% increase in events over 2022 and a 16% decrease in victims as fraud attacks become more refined and targeted.
Scammers have become incredibly adept at stealing people’s personal information and using it to commit fraud. At Envisant, our fraud team saw a particular increase in two types of fraud beginning in late 2023 including: external P2P transfers and synthetic identity fraud. Taking a closer look at some of the tactics fraudsters use to gather information, how they use it, and what can be done to address these increasingly prevalent scams can help your credit union defend itself and its members.
Sophisticated phishing
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