Earlier this year I had the pleasure of hosting our Credit Union VOGUE end-user group at our offices in Westlake, Ohio, to discuss recent trends, technology best practices and new solutions the institutions have implemented since we last conferred. Of course, the topic of fraud came up, and as I looked around the room, I saw two things: Trepidation and passion.

I find these themes common within the financial services industry, especially in recent years, when many organizations find themselves in the limelight as victims of cyberattacks, putting their data and members' information at risk. According to a recent study from Javelin, the "2017 Identity Fraud Study," identity fraud hit an all-time high in 2016, increasing 16% and affecting 15.4 million victims in the U.S. The 2017 Identity Fraud Study identified four significant trends:

- Fraudulent instances were at a record high in 2016, increasing by two million from the previous year and driven by   growing existing-card fraud.

- Card-not-present fraud rose significantly because of growing electronic and mobile commerce. CNP fraud increased   by 40% while point-of-sale fraud remained around the same as the 2014 levels.

- Account takeover, one of the most challenging fraud types for consumers, rose in 2016. Victims paid an average of   $263 out of pocket and spent a total of 20.7 million hours to resolve all cases.

- New-account fraud remains unchanged as cyber criminals become better at escaping detection. According to the study, victims were more likely to discover fraud activity through credit report reviews or after receiving updates from a debt collector.