cybersecurity
The NCUA and the FDIC will hold a webinar on March 12 on the most prevalent financial fraud schemes and how financial institutions can reduce the risks to protect their members and customers.
From 2021 to 2025, fraud affecting credit unions, banks and consumers has increased sharply, both in total losses and in the sophistication of the fraudulent scams, according to the FBI Internet Crime Complaint Center (IC3) and the Federal Trade Commission (FTC).
In 2021, reported U.S. fraud losses, which involved bank transfers, credit cards, P2P payments and account access, totaled $5.8 billion. By 2024, that number more than doubled to $12.5 billion, the FTC Consumer Sentinel Network reported.
Cyber-enabled fraud losses, which included phishing, ransomware, business email compromise, cryptocurrency scams and investment fraud, totaled $6.9 billion in 2021 and escalated by 141% to $16.6 billion in 2024, according to IC3.
Bank, credit union and government impersonation schemes remained among the most common reported fraud, the FTC said. Other top fraud plots were business email compromise, investment cons involving cryptocurrency or fake trading platforms, ID theft and card fraud.
Another key recent trend was that victims are losing more money.
In 2023, about 27% of fraud reports involved monetary loss. A year later, that kicked up to 38%, according to FTC data.
Kate McKune, general counsel and vice president of enterprise risk at the $1.4 billion Park Community Federal Credit Union in Louisville, Ky., who testified before the House Financial Services Subcommittee on Financial Institutions on behalf of America's Credit Unions this week, said credit unions across the country are investing heavily in fraud detection tools, employee training and consumer education, but criminals are becoming increasingly sophisticated.
At Park Community alone, fraud alerts reached nearly 6,500 in 2025, about 20 per day, while fraud charge-offs exceeded $300,000 in both 2024 and 2025.
The NCUA/FDIC webinar will provide insights from representatives of a credit union and a community bank, who will share best practices for preventing fraud and identifying potentially fraudulent activity.
The presentation will also include practical strategies to help financial institutions combat fraud and recognize suspicious or unauthorized activity, according to the NCUA and FDIC.
Visit the NCUA site for additional information and to register for free to attend the webinar.
Peter Strozniak can be reached at peter.strozniak@arc.network.com.
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