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Written by Karl Kaluza
on April 28, 2018

Fraud is something that financial institutions and consumers both struggle with. Unfortunately, 2018 will be no exception. Real-time payment challenges, ATM attacks, and mobile fraud are just some of the potential threats your credit union should be prepared for.

We are living in a digital world. From online shopping to virtual doctor visits, almost every industry is tied to the web. As the banking world continues to shift to digital products and services, the risk of fraud increases. Here are the top five fraud trends to look for this year along with tips on how to avoid them.

1. Mobile Fraud

Mobile banking has become increasingly popular due to its convenience. However, as this method of banking continues to grow in usage so does the risk of fraud. Malware, stolen devices and login credentials are just a few ways fraudsters are trying to gain access to your account information. 

Fortunately, Member Access Pacific (MAP) offers a mobile app designed for credit union members that utilizes the latest security technology. So you can feel confident you are providing your members a product that will not only provide the ease of online banking but also the security they are looking for to keep their money safe. 

2. ATM Attacks

ATM skimmers have been popping up more frequently and are getting more sophisticated. Some of these devices are nearly impossible to detect. Along with skimmers, criminals have also been known to install malware on the device to capture the user's card information.

Credit unions and their members have to remain vigilant and examine the machine closely before using it. If something seems off, do not use the machine and report it.

3. Real-Time Payment Challenges

People want access to their money faster than ever which can pose a problem when it comes to real-time payments. MAP offers EMV chip cards that will help combat this risk. In addition to chip cards, biometrics can also help protect your accounts from falling victim to real-time fraudsters. 

4. Card Fraud

Card fraud is not new to 2018 but remains a prevalent problem. From stolen cards to data breaches it is essential to have the correct security measures in place to reduce or prevent the chance of fraud altogether. MAP offers fraud alert notifications for card products that allow the user to define custom alerts. These notifications will alert the member to any suspicious activity on their account.

5. Hacking

Like card fraud, hacking is another fraud technique that has been around for years. With over 90 percent of the US population making online purchases the chance for your personal information being stolen increases. Designating a specific credit card for online purchases is one strategy to help control your risk of online fraud. MAP offers a Visa Credit Card product complete with fraud alerts that can help provide peace of mind to your members when shopping online.

Interested in learning more about how your credit union can combat fraud? Contact MAP today.

 

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