Measures to combat shared branch fraud attacks

Are you a credit union issuer in the shared branch network? As an issuer in the shared branch process, are you seeing an increase of multiple inquirers on your members accounts? 

Credit unions across the country are experiencing upwards of $30K in losses from “shared branch fraud” attacks.

Shared branch fraud occurs when cybercriminals use the fake or stolen identity of an employee or member to pass thru authentication layers and perform unauthorized withdrawals at an acquirer credit union in your shared branch network.

Here’s how these shared branch attacks are taking place:

 

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