X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
The cost of fraud for credit unions.

A dollar of fraud costs credit unions and other financial institutions $2.67 in chargebacks, fees, interest and labor, according to a new study by LexisNexis Risk Solutions.

The survey of 185 risk and fraud executives at credit unions, banks, wealth-management companies, trusts and investment firms found that fraud’s price tag is even higher when the institutions have at least $10 million in annual revenue and earn at least 50% of it via online or mobile channels. For them, every dollar of fraud costs $3.04, versus $2.35 for similar institutions that get less than 50% of their revenue from online or mobile channels.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Tina Orem

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.