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Ahead of the Senate Permanent Subcommittee on Investigations hearing Tuesday on protecting consumers from fraud via Zelle, America’s Credit Unions President/CEO Jim Nussle wrote a letter providing the credit union industry’s perspective. He reiterated how credit unions do everything possible to mitigate fraud.
“Today, the vast majority of transfers enabled by Zelle’s network are processed without issue,” wrote Nussle. “However, fraud remains an ongoing battle, requiring consumers, institutions, and government stakeholders to constantly adapt to new social engineering techniques that exploit weaknesses in human judgment. Scams that prey on the fallibility of consumers can leverage any channel for monetary gain—not just Zelle.
“Credit unions continue to make significant investments in security and fraud mitigation technologies to protect their members from scams and identity theft,” added Nussle.
Nussle offered appreciation for efforts to promote consumer and industry resilience to fraud but called on the subcommittee to “consider solutions that leverage the experiences and insights of a broader range of stakeholders.”
“Ideally, such solutions should aim to prevent fraud before it occurs and should include bolstering the resources of law enforcement, educating consumers about fraud and scam risks, and creating a level playing field between insured depository institutions and underregulated companies,” he concluded.
Read the full letter. America’s Credit Unions will continue to engage Congress on this topic.