The cost of doing business for credit unions of all sizes has gone up rapidly in the past few years, including fraud costs. That’s what America’s Credit Unions Chief Advocacy Officer Carrie Hunt told American Banker in an article featuring St. Mary’s Bank — the first credit union in the U.S. — and how it works to protect members and provide digital services in a world of increased cyberthreats.
Hunt discussed how scams targeted at ATMs seem to be on the rise again, even as credit unions work to maintain physical branches to reach members who still use them.
Credit unions employ “some really sophisticated mechanisms to combat fraud,” America’s Credit Unions Deputy Chief Economist Curt Long said, even as scams have moved beyond phishing emails and into AI-generated calls with fake voices.
America’s Credit Unions has launched a task force with member credit unions and partners to explore ways to advocate a better anti-fraud environment and substantive policy changes. Leagues and credit unions continue to highlight the growing costs of fraud in visits with policymakers over the next few weeks in D.C., and then back in home districts.
