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
Fortunately, Member Access Pacific (MAP) offers a mobile app designed for credit union members that
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.
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.
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.
Interested in learning more about how your credit union can combat fraud? Contact MAP today.