3 Ways Credit Unions Can Cut Card Fraud Losses
Ann Davidson, senior risk management consultant for CUNA Mutual Group, and Carlton Howard, vice president of risk management at the $2.2 billion Coastal Federal Credit Union, urged credit unions not let themselves become paralyzed into vulnerability no matter how frequent or large the card data security breach.
The two provided three tips credit unions can implement to minimize the costs of card fraud:
2. Anti-Fraud Toolkits
The second part of a strong anti-fraud strategy, Davidson said, is building a robust anti-fraud toolkit. She acknowledged such an anti-fraud effort is most likely to be tailored to each individual card program and budget.
3. Member Involvement
As a final suggestion, both Davidson and Howard urged credit unions to get their members involved in preventing fraud. The two pointed out there are a number of strong anti-fraud measures available, such as setting daily spending limits or transaction limits; like transaction monitoring, members must opt-in for the services.