Mitigating fraud threats is top-of-mind for executives at credit unions of all sizes, and to learn precisely what they're doing to keep their data and other assets out of thieves' hands, CU Times recently asked readers to complete an online survey.
In the new whitepaper "Standing Up to Fraud: How Credit Unions Mitigate the Threat Landscape," CU Times reveals the results of that survey, as well as reactions and insights from industry experts. The goal of the research is to allow credit unions to benchmark their fraud mitigation efforts against their peers and implement new strategies that will keep their institution – and their members' data – safer than ever.
One finding that raised concerns for fraud experts was the high number of credit unions that may be inadvertently putting their members' data at risk. Eighty-three percent of respondents said their computers that access member data also access the internet and 10.71% said some of their computers that access member data also access the internet.
Only 2.68% said their computers that access member data don't access the internet, and 3.57% said they weren't sure.
Terry Pierce, senior product manager for the Rancho Cucamonga, Calif.-based CO-OP Financial Services, said this poses a huge risk for credit unions.
"The key thing is insuring your network isn't easily available, and if it is, you need to build a network of firewalls to ensure it's secure," she said. "The internet is pretty scary – once your system is open to the internet, anyone can go in there and attack. That's what happening with a lot of the hacks. The hacker is finding a back door into the system."
The full whitepaper can be downloaded here. Readers can also stop by CU Times' booth at the NAFCU Annual Conference in Nashville (#825) June 14-17 or at CUNA's America's Credit Union Conference in Seattle (#333) June 26-29 to pick up a hard copy.
Join us at Credit Union Times' Fraud: Don't Let It Happen To Your Credit Union Conference, where you will find the latest tools and techniques for preventing fraud and data breaches; strategies for responding in the immediate aftermath and best practices for restoring reputation, financial stability and information security. This two-day conference is designed for credit union executives, boards of directors and those responsible for your credit union's cybersecurity policy. Register to 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.
