For Steve Timmons, tackling a fraud incident involves not only resolving the issue for the member, but also determining how the incident occurred and how to prevent it from happening again.
“We analyze each situation to see if we could have done something differently or put something in place that can assist us in getting the money back quickly,” says Timmons, fraud coordinator at $778 million asset VSECU in Montpelier, Vt. “In any instance involving fraud, you have to react quickly or the money will be gone.”
That quick, detailed response often leaves members grateful.
“You can tell from a voice over the phone how appreciative folks are when you save them from what could be, in some instances, a substantial loss,” he says.
Timmons, who was named a Credit Union Rock Star by Credit Union Magazine in a special issue sponsored by Fiserv, joined the CUNA News Podcast to talk about fraud resolution, top fraud threats, fraud education, and more.
Credit Union Magazine’s Spring 2022 edition highlights inclusive lending, succession planning, fair lending and artificial intelligence, and the use of environmental, social, and governance (ESG) as a competitive differentiator.
