Taming the digital risk tiger at credit unions
Protecting members from the surge of modern threats requires more than education.
Providing easy digital access is table stakes among rising numbers of credit union members who need anytime, anywhere access to funds. But along with increased access come new risks as fraudsters shift their focus to digital theft of customer data, financial fraud and social engineering scams. Unfortunately, education only goes so far in protecting members from modern threats.
Attacks at Epidemic Proportions
Numerous password breaches have perpetrated fraud-as-a-service schemes enabling nearly anyone with bad intent to enter the arena. Startling statistics underscore the rapid rise in cyber fraud directed at both members and employees of financial institutions:
- Card-not-present fraud rose by 17% in the first quarter of 2019; 88% of victims made a legitimate online transaction just before subsequent online fraud.
- Phishing attacks, attacks from roque mobile applications and malware are up significantly. For example, impersonations rose 56% between 2017 and 2018. Attacks from rogue mobile applications increased by 300% in the first quarter of 2019.
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