PSCU - Credit Union Tracker: Fighting Fraud in the Credit Union Space - February 2023 - Learn more about how digital fraud threats and losses are mounting in the banking space and how CUs can protect themselves and their members

Targeted Friction Helps Credit Unions Fight Fraud as Attacks Surge

Fighting Fraud in the Credit Union Space

58% of FIs report a rise in the cost of fraudulent transactions in 2022, which is why Seth Ruden of First Tech Federal Credit Union says “targeted friction” is essential to fighting fraud without compromising the user experience. Read more in this month’s “Credit Union Tracker®,” a collaboration with PSCU.

Inside the February Tracker

  • Increasing fraud threats mean that CUs must focus on improving their fraud-fighting methods, but an industry insider explains why CUs must balance security with seamlessness.
  • Members Trust of the Southwest Federal Credit Union reported a data breach exposing members’ personal information, while Maryland’s Freedom Federal Credit Union announced that some members were cyberattack victims.
  • Although fraud is a growing problem, just 27% of CU executives invested in fraud management and anti-money laundering solutions in 2022. Learn how digital solutions can fight fraud and meet member needs.

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