“These sessions include fraud and risk topics that focus on industry trends, best practice fundamentals, and emerging innovations to protect against threats,” says Kraus. We’re also seeing more data-sharing related to areas like negative customer databases to combat fraudulent account openings.”įIS empowers collaboration among its clients through advisory councils and focus groups, annually bringing credit unions of all sizes together for strategic planning. “For example, a couple of years ago, a group of organized criminals was hitting ATMs along a highway corridor on the East Coast, and several credit unions sounded the alarm proactively.
Often, an impacted credit union within a targeted geographic threat vector will reach out to others in the immediate area to provide early fraud warnings. “There’s a member-driven purpose and openness to learning from each other’s successes and challenges. “Credit unions are one of the most collaborative segments in the payments industry, and that’s a huge benefit to leverage,” observes Eric Kraus, business executive/fraud, risk and compliance solutions for FIS, a CUES Supplier member based in St. Strength in numbers of fraud fighters pooling resources to net criminals works well in the fight against localized fraud types, such as phishing or skimming. For this month’s special report, we dug into best practices in fraud prevention, including the role of collaboration. Unfortunately, for financial institutions and the public, they do so with vigor, intelligence and expertise. Fraudsters continually reinvent themselves.