Leverage intelligent scoring to stay one step ahead of fraud
Payments fraud is a persistent threat for credit unions and their members that is poised to grow even more acute in the next few years.
Fraud experts predict the financial services industry will sustain $408 billion in fraud losses globally over the next decade, and 31% of Americans reported being targeted by a digital fraud scheme in the last three months of 2022. Phishing and stolen credit cards were among the most widely reported incidents.
Co-op Solutions’ recent quarterly Fraud Buzz webinar featured Dan Holmes, fraud prevention expert at Feedzai, a cloud-based risk management platform, and Victor Aellos, AVP, Card Services at Orange County’s Credit Union (OCCU) as special guests, along with Patrice Lee, Director of Fraud Management at Co-op.
“With traditional card fraud, the fraudster typically needs access to the card PIN, CVV and expiration date in order to execute a transaction,” Holmes says. “But now, one of the biggest global trends we’re seeing is a transition toward scams where a fraudster convinces the victim to make a transaction on their behalf. The major difference between those two fraud typologies is that now all one needs to be a potential scammer is a phone number and the name of the victim.”
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