Five Things to Ask When Choosing a Fraud Detection Solution

Posted by Deborah Peace on Aug 1, 2018 9:30:00 AM

For businesses across the U.S., it is not a matter of if their organization will fall victim to payments fraud, it is a matter of when. A majority of organizations experience payments fraud each year and in 2017, 78 percent were hit, which is a record high according to this year’s AFP Payments Fraud Survey. The banks and credit unions that serve these businesses recognize this growing issue and the industry’s need for a better approach to fraud prevention, but selecting the right fraud detection and prevention solution can be challenging.

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Topics: Fraud Detection

Helping Business Members Protect Their Hard-Earned Money with an Interactive Fraud Detection Solution

Posted by Deborah Peace on Jul 25, 2018 9:30:00 AM

In cities across the U.S., small and medium-sized businesses play vital roles in their local economies, generating employment opportunities and revenue for the community. Credit unions recognize this and as a result, are focused on attracting and serving more commercial and business members.

However, these members face distinct challenges when it comes to payments fraud. The Association of Certified Fraud Examiners reveals that small to medium-sized businesses lose a median of $200,000 or an estimated five percent of their annual revenues to fraud each year. To make it worse, these fraudulent transactions can easily go undisputed due to regulations that require businesses to report fraudulent activity within two days, compared to the 60 days allotted to consumers, meaning it is unlikely the business owner will recover the stolen funds.

To help business members protect their hard-earned money from online banking and check fraud, credit unions must offer the right treasury management tools and educate members on trending tactics used by fraudsters. Doing so will empower members with greater control and visibility over the funds in their account.

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Topics: Fraud Detection

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