MADISON, Wis. (9/11/13)--The increased sophistication of technology behind fraud and fraud prevention is the topic of a new white paper from the CUNA Operations Sales & Service Council.
"Fraud Trends: New and Repurposed Scams and Schemes" examines some of the trends and forces behind the continued uptick in fraud--including the ease of online access, the "new mafia" and economic factors.
"People are storing more of their sensitive information on remote devices," says Jim Fuher, fraud prevention manager at Spokane (Wash.) Teachers CU. Online fraud, remote deposit capture and mobile scams will continue to increase during the next decade, he predicts.
By the same token, the tools to combat fraud--behavioral analytics, online fraud monitoring reports and automatic member alerts--are quite effective, and didn't exist until recently.
Technology tools under development and consideration include: