How Fraud Results in Customer Churn

Today’s financial landscape has been fraught with numerous issues such as data breaches, cyberattacks, identity theft, and credit card fraud. Experts believe that these issues contribute to fraudulent transactions and, if not mitigated, will lead to customer churn and further business loss.

Credit Unions: How Do You Protect Your Members from Fraud?

According to TransUnion’s global online fraud trends analysis, digital fraud attempts against financial institutions have seen a spike of 22% in the U.S. and 46% globally since the pandemic began. And in our recent blog post, we have identified the common fraud trends, which include identity theft and spyware, synthetic identity fraud, credit washing, transaction fraud, and data breaches.

Synthetic ID Fraud Cases Soar During The Pandemic

On June 29, 2021, a 45-year-old-Flordia man pleaded guilty to stealing $24 million of COVID-19 relief money through synthetic identification (ID) fraud Their scheme did not happen overnight. Here’s how they did it…

Fraud, Current Challenges & Why Effectiv?

The pandemic has catalyzed the digitization process like nothing we’ve seen before. With 10 years worth of digitalization happening in the first 6 months of 2019, financial institutions who haven’t invested in their digital strategy are now facing severe challenges on the following fronts: