Rise in BIN attacks lead list of fraud worries. Here’s how your credit union can fight back

by Co-op Solutions

It’s been a couple of tough years on the financial fraud front.

Consider that e-commerce fraud reached $20 billion globally in 2021, representing 14% growth over the prior year. Meanwhile, friendly fraud rose by 45%, and total reported fraud has increased by 40%.

According to a recent poll, 90% of surveyed consumers are concerned about banking or credit fraud as they move to the digital channel. They have good reason, as 42% have been notified of bank fraud on their account in the past year.

Perhaps the most concerning trend for credit unions, however, is the rapid rise in BIN attacks, which have increased by 80% since 2020.

 

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