Credit Unions: Fraud Challenges Are Increasing More Slowly Than in Large FIs

Small financial institutions may be unprotected by fraud technology solutions and may be targeted.

Boston, August 7, 2019 – Some people assume that credit unions don’t have the same fraud challenges as banks because the organizations know their members well, and they are small enough to fly under the radar from organized fraud rings. Unfortunately, technology has rendered all FIs—and their customers—equally vulnerable. Where do credit unions stand in regard to fraud? How do they best protect themselves?

This report will examine these challenges and drill into associated issues, such as outsourcing of fraud processes and the adequacy of fraud services provided by core processors. Aite Group conducted an online survey of 46 U.S. credit union executives from February to March 2019, with some responses obtained at the Carolinas Credit Union League’s LAUNCH.

This 30-page Impact Report contains 26 figures and one table. Clients of Aite Group’s Fraud & AML service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Carolinas Credit Union League, Early Warning Services, and The Clearing House.

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