Mitigating fraud threats is top-of-mind for executives at creditunions of all sizes, and to learn precisely what they’re doing tokeep their data and other assets out of thieves’ hands, CUTimes recently asked readers to complete an online survey.
|In the new whitepaper “StandingUp to Fraud: How Credit Unions Mitigate the ThreatLandscape,” CU Times reveals the resultsof that survey, as well as reactions and insights from industryexperts. The goal of the research is to allow credit unions tobenchmark their fraud mitigation efforts against their peers andimplement new strategies that will keep their institution – andtheir members’ data – safer than ever.
|In one significant finding, most credit unions said while theybelieve their internal fraud controls are adequate, they may needto devote more resources to them. Nearly 59% said their internalcontrols were adequate and 37.11% said they were somewhatadequate, most respondents said employees are trained annually(46.94%) or quarterly (31.63%) on internal fraud controls, and amajority said their supervisory committee reviews internal controlsquarterly or annually (38.14% and 34.02%, respectively).
|In addition, a large majority of respondents (74.23%) said theyhave an internal point person at their credit union responsible forensuring internal controls are implemented correctly, and more thanhalf of respondents (55.1%) said they continuously review internalcontrol processes and take steps to improve them.
|However, when asked if their credit union dedicates enoughresources to internal controls, respondents were less confident.Nearly 36% said yes, 31.63% said maybe, 23.47% said no and 9.18%said they weren’t sure.
|The full whitepaper can be downloaded here.Readers can also stop by CU Times’ booth at the NAFCU AnnualConference in Nashville (#825) June 14-17 or at CUNA’s America’sCredit Union Conference in Seattle (#333) June 26-29 to pick up ahard copy.
|Join us at Credit Union Times' Fraud:Don’t Let It Happen To Your Credit Union Conference, where youwill find the latest tools and techniques for preventing fraud anddata breaches; strategies for responding in the immediate aftermathand best practices for restoring reputation, financial stabilityand information security. This two-day conference is designed forcredit union executives, boards of directors and those responsiblefor your credit union's cybersecurity policy. Registerto attend and save $150.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
