PODCAST: Fraud calls for a quick response
Steve Timmons seeks out reasons why incidents occur.
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.
In this episode:
1:34 Steve's role at VSECU
5:38 VSECU’s approach to fighting fraud
9:49 Top fraud threats
13:47 What keeps him up at night
14:59 Advice on addressing fraud