hacker seated with code on screens, laptop and payment card Image: Shutterstock

In 2021, consumers reported losing over $5.8 billion to fraud, more than a 70% increase from the previous year, according to the Federal Trade Commission. And, in the first six months of 2022, $3.56 billion was lost to online fraud, almost a 50% increase from the same period in 2021. Fraud is increasing, and there seems to be no shortage of avenues through which it occurs: Credit card, insurance, identity and the list goes on. In addition, the state of the economy and the lingering threat of a recession have encouraged scammers and fraudsters to increase their efforts.

Below are three key themes around financial crimes that credit unions should keep in mind heading into 2023, along with strategies they should consider to survive.

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