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No doubt about it. Fighting fraud is tough. But there is good news: With continuous vigilance, member education and the latest fraud-fighting tools, we can stay ahead in the battle against fraudulent activities.

Financial fraud is a growing, global concern, whether it’s done through the mail, online or face-to-face. According to a 2008 study by CyberSource, $4 billion in online revenues were lost to payment fraud last year. And the 2009 survey by the Association of Financial Professionals found that 71% of organizations fell victim to attempted or actual payments fraud in 2008, with the largest percentage reporting check fraud, followed by ACH debit and consumer credit and debit cards. With fraud statistics on the rise-and new, alternative delivery systems for financial transactions enticing criminals-credit unions are wise to arm themselves with fraud-fighting tools and strategies.

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Peter Westerman

 

Credit Union Times

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