- ATOs: reported at the most time-consuming, costly, and largest concern across credit unions
- Scams: 67% of credit unions report reimbursing victims of scams, costly the business even more money
- Check Fraud: over half (52%) of credit unions reported a 25-75% increase in check fraud in the past year
- Real-Time Monitoring: 74% of credit unions have not yet implemented Real-Time Monitoring!
- Investigative Burden: shockingly 73% of credit unions report seeing an increase in SAR Filings. Of those, 17% reported the increase was significant.
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RESEARCH REPORT
4 Trends for Credit Unions to Combat Fraud
These are the findings from the 3rd annual State of Fraud & AML report, in which we surveyed 350+ fraud and AML practitioners. This research report dives specifically into the findings from 50+ credit unions across the US.
A preview into key findings
About this report
The financial landscape is continuously changing. Fraud is rampant, and payments are moving faster than ever. Credit Unions are facing account takeovers and a rise in scam activity, while check fraud continues to plague the industry, each costing them significant time and money. The ability to perform real-time monitoring (RTM) and deploy rules quickly can assist in preventing fraud losses.
In fact, credit unions continue to experience significant fraud losses, with 11% reporting fraud losses above $1 million annually.
In this report, we dive into survey results from 50+ credit unions and uncover what is holding them back. We also discuss how agility and speed must play a critical role in the years to come in combating fraud.
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