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.

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) select “Business Protection Solutions” and then click on “Business Protection Resource Center” and go to “Risk Alerts Library.”