New fraud threats facing credit unions and members in 2023
Five predictions from Experian plus suggestions for what credit unions can do
Amid uncertain economic conditions, credit unions and their members are expected to see a surge in fraudulent activity in 2023. Fraudsters have become more sophisticated and have adapted quickly to finding new, creative ways to take advantage of vulnerable businesses and consumers.
It’s critical to anticipate emerging fraud risks and leverage data and technology to identify and mitigate scams now and in the future. Experian recently released the below five fraud predictions for 2023.
Fake Texts from the Boss
With the prevalence of remote work, employees often use various ways to communicate, including texting. Experian predicts there will be a rise in employer text fraud. This type of fraud occurs when a fraudster pretends to be the “boss” and texts an employee to buy gift cards and asks them to text the gift card numbers and codes back to them. The fraudster then uses the gift cards and the employee and the company are left with the expense.
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