Collaboration between fraud and cybersecurity functions can prevent fraud, reduce losses, limit reputation risk, and protect members and the credit union, says Jessica Cartrette, fraud specialist at $1.1 billion asset REV Federal Credit Union in Summerville, S.C.
“While cybersecurity and fraud are different areas with different skill sets and mindsets, they should collaborate and have at least a basic understanding of what each does,” says Cartrette, who addressed the 2023 CUNA Cybersecurity Conference with NASCUS Tuesday in New Orleans.
While fraud and cyberthreats have evolved, she says the primary ways criminals obtain member information they later sell on the dark web remain old school: dumpster diving, mail theft, burglary, skimming, and data breaches.
Cartrette shares several ways REV Federal’s fraud and cybersecurity areas work together:
“Make your information actionable,” she advises. “This will lower losses and limit reputation risk. When you have a large fraud case, many members assume it was the credit union’s fault.
“We need to carry collaboration across departments,” Cartrette continues. “Fraud touches every area of the credit union. Make sure all departments are involved and aware of what’s going on. And we should be working together and sharing information across the industry.”