Fraud Losses Reach Record Levels, How Credit Unions Can Protect Members

Consumers reported losing more than $3.3 billion to fraud in 2020, an increase of nearly $1.5 billion over 2019.

Each year, fraudsters find new ways to trick people and financial institutions out of money. Whether its an imposter scam – impersonating a love interest, a grandchild, debt collector, the Social Security Administration etc. – or stealing someone’s identity, these fraudsters know how to pull it off. While some of these scams involve new tricks, many have been around for decades. Of the nearly 2.2 million fraud reports, 34% indicated money was lost. Using common channels like emails, text, and phone calls; fraudsters typically disguise their identify while retrieving confidential member information.

Review the Common Member Scams risk resource from CUNA Mutual Group to learn more about scam trends and mitigation tips to help your members.