Should you be educating your members on debit and credit card fraud?

In a post-Covid world, where consumers and members are used to not carrying cash and are instead using their debit and credit cards for most transactions, have you considered educating your members on types of fraud and how they are subjected to potential fraud with each transaction the credit union processes? Do you know what to share with your members to keep them aware and help ensure they do not become a victim of fraud?

Many credit unions might be nervous that talking about fraud frequently could cause alarm to their members if you are sending out mass notifications and that it could appear to cause harm to your credit union brand by members thinking you experience a lot of fraud. However, there is fraud, and it happens often. If you spin it to be about education and prevention, it can help protect your brand and your members’ finances.

So what do you need to know to help improve their fraud education and how they can protect themselves? Let’s get into the details.

Understanding the common fraud types

Some common fraud types are phishing, account takeover, and skimming. Let’s break these types down.


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