Press

The growing trend of fraud units in banking

SOUTHBURY, CT (September 14, 2023) — The challenges with fraud scams continue to increase in the financial sector. As technology continues to advance, so do the techniques used by fraudsters. It’s a continuous race, one that credit unions are determined not just to partake in, but to lead.

Why Fraud Units Are Becoming Essential

To ensure that fraud awareness is not just a term but an active practice, many credit unions are restructuring from the inside. They’re establishing specialized fraud units. But why?

Streamlined Communication: Traditionally, fraud awareness communications might get segmented or siloed, depending on the department. By having a dedicated fraud unit, there’s a unified hub of communication ensuring that all departments receive consistent and updated information.
Dedicated Support: Rather than relegating fraud awareness to a side task for the IT or security departments, a fraud unit ensures there’s a team whose sole focus is to understand, monitor, and communicate about fraud. This dedicated approach means quicker responses and more specialized knowledge.
Content Creation and Outreach: In the age of information, the right content can make all the difference. Dedicated fraud units can churn out relevant content that’s tailored to the credit union’s specific audience, be it internal staff or external members.

The Role of Efraud Prevention™

The establishment of fraud units signifies a proactive approach, but how do these units efficiently create content that’s relevant, accurate, and engaging? This is where Efraud Prevention™ steps in.

Efraud Prevention™ offers a robust “out-of-the-box” service solution. For credit unions, this means most of the content creation heavy lifting is handled externally by experts in the field. By utilizing Efraud Prevention, credit unions ensure:

Quality: Content produced is of the highest caliber, ensuring that readers (both staff and members) receive accurate and up-to-date information.
Consistency: Regular updates mean that content remains relevant in the ever-changing landscape of fraud scams.
Engagement: Efraud Prevention™ understands the audience. The content produced is not just informative but also relevant and easy to understand, ensuring that readers pay attention and, more importantly, act on the advice given.

Looking Ahead

The introduction of dedicated fraud units in credit unions underscores the industry’s commitment to staying a step ahead of fraudsters. By ensuring streamlined communication, dedicated support, and top-notch content creation through partners like Efraud Prevention™, credit unions are not just reacting to fraud threats but actively countering them.

As we navigate the modern challenges of the digital age, the collaboration between financial institutions and specialized fraud prevention services like Efraud Prevention™ will be crucial. Here’s to a safer, more informed future for all in the financial sector.

About eFraud Prevention

eFraud Prevention™ is a comprehensive solution to the challenge of fraud scams. As the leading and widest provider of fraud prevention services, serving over 300 financial institutions in the US, eFraud Prevention™ offers a solid framework to enhance the understanding of fraud tactics among account holders and employees. By working together, we are making a tangible impact in people's lives by weakening the ability of fraudsters to steal money and identities.