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It takes a lot of work and more money to fight fraud.

Every dollar of fraud now costs credit unions and other financial services providers about $2.92 in fees, fines, interest, labor and other expenses —  a 9.3% increase over 2017, according to new data from LexisNexis Risk Solutions.

The survey of 175 risk and fraud executives at credit unions, banks, and investment, trust, and wealth management firms also found that fraud costs consumed 1.53% of every dollar of revenue for financial services providers in 2018, compared to 0.95% in 2017.

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Tina Orem


Credit Union Times

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