“Tips for a Scam-Free holiday” – Wall Street Journal, Dec. 4, 2007
“Identity Theft still Asia’s top concern” – Business Week, Dec. 10, 2007
“Check scams thrive, especially online” – USA Today, Dec. 4, 2007
“Con artists take advantage of check rules” – USA Today, Dec. 4, 2007
“OAP loses £16000 in e-mail scam” – BBC News, UK, Dec 12, 2007
“Email Scam in the name of your credit union” – Denver Post, Nov. 16, 2007
“EMBARQ Warns Customers: Don’t Get Hooked by Phishing Scam” – Cnnmoney.com, Nov. 19, 2007
These headlines all are within the last month alone, and there are hundreds more that are just like them. Fraud is no longer just a local issue; it’s a global threat, never discriminating against whom it will strike next. It certainly doesn’t care that the Credit Unions of the world are the “good guys”, and it doesn’t sympathize with the issues that it causes the victim. How can you lead your Credit Union into the New Year with a fresh, fraud-free start?
How do you stop Fraud from hitting your Credit Union?
With the breadth of available solutions, the answer may be easier than you would guess. EECU ($656m in assets, Fort Worth, TX) uses a technique that rewards employees for catching fraud before it occurs. “We have a program in place that gives employees financial incentives for being proactive about catching fraud,” adds Bill Burrows, SVP CIO of EECU. The innovative program has led their employees to be far more motivated to catch thieves before they “get the bacon”. EECU has proven that by stopping fraud from occurring, you will end up saving your Credit Union resources, and time.
What technological solutions are available to help stop crime?
The next step that they have taken is active monitoring of transactions to recognize fraud through deviant purchase pattern behaviors. Their efforts of monitoring transactions have allowed them to recognize fraud before it occurs, often alerting the clients of activities that they did not authorize. As the number of off-the-shelf security products is growing by the day and giving Credit Union’s the option of protecting themselves beyond employee and member education. With sites like Cyveillance working around the clock to protect websites and make sure that fraud attempts are countered productively, Credit Unions are finding great value in such services. “Having 24-hour support is something that is critical to our Credit Union. They are able to detect phishing scams, as well as verify identity theft attempts, sometimes before the victim even realizes they have fallen to the scam,” relates Lindsay Alexander, CEO of National Institutes of Health ($357.6M, Rockville, MD)
With these solutions becoming more prevalent by the day, one has to consider just how much time and resources they could save their credit union by using some. To take a look at this and much more, join us for an interactive discussion and learning session, Protecting your Credit Union from Fraud on December 19th at 2pm EST.