TruStage RISK Alert: Emerging Risks and Large Losses Impacting Credit Unions

Credit unions have seen a notable increase in both the frequency and severity of reported losses this year. Fraudsters are using a combination of innovative schemes and traditional tactics with new variations to drive up these losses. However, these losses and their impact can be significantly reduced with effective loss controls.

While each organization has its own distinct risk profile, these specific threats and losses are evolving rapidly. It won't be long before these fraudsters adapt their schemes and tactics to target other credit unions. Across the country, credit unions are experiencing significant financial losses, with six- and seven-figure impacts from these well-known risks:

• Account takeovers
• Fraudulent checks clearing member accounts
• Fraudulent deposits/U.S. Treasury checks
• Interactive teller machine (ITM) fraud
• ATM jackpotting
• ATM smash & grabs

For more information and risk mitigation tips, read the full alert at: Trustage.com (Password and log-in required)

You can also engage a TruStage risk consultant at 800 -637-2676 or [email protected] for actionable risk insights, loss mitigation practices, and other relevant resources related to these risks.