Tried-and-true tips to fight fraud in 2019

People in the know share what they know as the new year unfolds.

Fraud threats are growing in sophistication and scope as 2019 unfolds, leaving credit unions to deal with daily operations and — when they can — determine where to allocate resources to protect against possible breaches.

Patelco Credit Union($6.5B, Pleasanton, CA) is focusing on new account openings, particularly for loans, and shoring up security at the call center and ATMs.

“With the vast number of data breaches over the past few years, personal information like dates of birth, Social Security numbers, and email and home addresses are readily available on the web,” says Chris Allen, Patelco’s senior vice president and chief risk officer. “So, we’re focused on new memberships, especially those with new loan accounts.”

Indeed, automating the opening, underwriting, and funding of new loans is a prime example of how the digitization of financial services creates new opportunity for credit unions to serve their members — and to get ripped off as automation gets ahead of authentication.


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