In keeping with the tradition started two years ago, where we score how well the Trellance team did on the previous year’s predictions, below is our report card for our 2018 predictions. For a look at what we thought was going to happen in 2018, read more here.
1. Mike Chenderlin warned that 2018 would bring much more complex and evolved forms of fraud to credit unions, in the form of account take-overs, false account openings, and synthetic fraud.
Any prediction that states that fraudsters will become more sophisticated is bound to be proven true. Credit unions are increasingly dealing with forms of fraud that easily transcends the typical counterfeiting, friendly fraud, lost/stolen cards, that we are all used to. One of the most crowded sessions at IMMERSION18, Trellance’s annual conference, was one conducted by PSECU and Visa to discuss a form of fraud called “card-cracking.” And several sources, includingCNBC, Forbes and a study from the Aite Group all confirm that synthetic fraud is on the rise.
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