As technology’s role in consumers’ lives continues to grow, fraudsters have more ways to attack. When they do so, members are put at risk as identity fraud is the fastest growing type of financial crime, according to Fiserv Vice President of Product Patti Reid.
With that in mind, Reid says credit unions must stay up to date with the latest fraud attacks, develop a layered approach to combat fraud, and educate members on how to protect themselves.
In this episode of the CUNA News Podcast, sponsored by Fiserv, Reid walks listeners through the threat of identity fraud, the impact of fraud on consumers, best practices in reducing account takeover, and how credit unions can protect their members.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
