Credit unions are just as susceptible to fraud as traditional banks – especially given changing habits and practices by credit unions and members alike. Between the push to digital banking and the relaxing of membership requirements, today's credit union is not your parents' credit union. Member access to digital channels – increasingly the "price of entry" for all financial institutions – is an important component of member relations and a vital way for credit unions to establish and maintain a strong connection with members.

But navigating new ways of doing business, while simultaneously detecting and eradicating new forms of fraud, is critical for credit unions. These organizations must account for the increased levels of account takeover and other forms of identity-based fraud that come with the move to digital channels – and be aware of how their commitment to high-quality customer service can actually put them at more risk when it comes to identity-based fraud.

While identity thieves have been taking pot shots at consumers and the financial services industry for the past 20 years, today's fraudsters are highly organized and have essentially weaponized stockpiles of stolen personal data. Changing consumer banking habits are likely having a major impact on fraud. As consumer relationships with financial institutions become increasingly digital, fraudsters are using consumers' own personal information to take over and drain accounts.