While advances have been made in fraud mitigation, there will always been new fraud threats to guard against.
“Fraud doesn’t stop,” says Jack Lynch, PSCU chief risk officer/senior vice president of fraud operations and president of CU Recovery. “It just moves.”
Lynch addressed CUNA's America's Credit Union Conference Friday in Boston.
Card counterfeiting, for example, has decreased 66% since the introduction of EMV chip technology, Lynch says. But card not present fraud has increased 26% since 2016.
Because of fraud’s ever-changing nature, Lynch says organizations must take a holistic and layered approach to fraud mitigation across all channels.
They also must realize that while technology is important in combating fraud, Lynch says it’s only one piece of the puzzle.
Organizations also should also concentrate on processes and people to ensure safeguards exist to protect data.