Black Friday and Holiday deals have begun, and with the COVID-19 pandemic, a much larger portion of this year’s purchasing activity will take place online. Cybercriminals are going to take to the internet to capitalize on this increase in online shopping. Online consumer scams, ACH fraud, card-not-present fraud, new account and loan fraud, and payment app fraud (i.e. Venmo, Zelle, and PayPal Direct) are among the fraud attacks that will be on the rise during this year’s holiday season.
It is important for your credit union to be vigilant and proactive in preventing these attacks, while also educating your employees and members on how to do the same.
Holiday Scam Prevention Tips for Credit Unions:
- Require multiple authentication layers to validate the identity of current and new accountholders.
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