Today’s Attack Methods: What Credit Unions Need to Know

The fallout from these attacks is significant, and clashes with the ultimate goal for any financial institution: To provide a convenient experience that instills trust and encourages long-term customer loyalty. According to Financial Publishing Services, data shows that banks are losing customers at an average of 12.5 percent each year – for reasons that include poor customer experiences and poor security. This is an alarming statistic, especially for credit unions that are working within small geographic locations and have more to lose.

Financial institutions have made strides in recent years to provide customers with personalized, easy-to-use sites that are optimized for all browsers and devices. Of course, that is a necessity when it comes to providing a better, positive customer experience, but it must not come at the expense of the security needs that the industry demands. There needs to be a balance between user-friendliness and security that can satisfy both the financial institution and the customer.