Credit unions (CUs) have had to shutter many of their branches or limit capacity alongside other financial institutions (FIs) to protect members and staff as the COVID-19 virus continues on. This shift to primarily digital comes with some perks, such as easier transactions and more connectivity for CU members, but it also means an increase in online payment volume that represents an irresistible opportunity for fraudsters.
Keeping members and their information safe is a top priority for the financial industry, but increased vigilance is more necessary than ever. CUs are seeing an increased number of phishing emails and overall digital fraud since the pandemic started, with 22 percent of American consumers reporting they have been targeted by virus-related online fraud, according to one survey. CUs that are adapting to an online-only banking reality thus also have to keep an eye out for more fraud schemes and are turning to technologies such as machine learning (ML) and data analytics to keep online data and transactions as secure as possible.