Fraud is on the rise, and the use of synthetic identities (combining different people’s stolen personal information to form false identities) has a particularly strong financial impact. According to a report by FiVerity, synthetic identity fraud represented $20 billion in losses for financial institutions in 2020 (up from $6 billion in 2016).
Don’t let these third-party fraud nightmares get the better of you or your credit union! Like all challenges we face, the best tool to fight fraud is education, education, and you guessed it—education! Keep reading to gain some practical tips for educating yourself, your team and your members on how to keep personal information safe.
Fraudsters often trick people into sharing personal or financial information via phone calls, texts and emails by impersonating credit unions or other legitimate companies. Some tips to share with members on how to recognize a phishing communication and avoid its bait are below.
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