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Combatting Financial Fraud and Identity Theft in a Digital World

Implementing protection for members’ identities on an individual level is a tremendous value for both the member and CU.

By Donna Parent | March 29, 2019 at 09:00 AM
The business challenges facing organizations of all sizes, across all industries, are substantial in our digitally-driven world – especially for the financial services sector. From attracting and retaining customers or members for life to keeping pace in today’s competitive market, it can feel like hand-to-hand combat to innovate against financial fraud and identity theft. Fraudsters and cybercriminals are working tirelessly to hack networks and systems in order to compromise consumers’ account holder information.

Consumers expect products and services to be available upon swipe, and banking is no exception. In fact, a 2018 Citi Mobile Banking Study revealed mobile banking is one of the top three most popular and widely-used apps by Americans – in line with the soaring popularity of social media and weather apps. As mobile and online banking continue to be in-demand, financial institutions are pressured to meet, and even exceed, the demands of account holders. This has in turn correlated to a rise in cybercrime targeting financial institutions. As banks and credit unions have more data to manage, and are transmitting across more devices, it’s not difficult to see why they have remained so highly targeted by fraudsters. In fact, research from the Identity Theft Resource Center found that financial services firms fall victim to cybersecurity attacks 300 times more frequently than businesses in other industries.

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