Fraud is up, a lot, at credit unions, according to the Alloy 2026 State of Fraud Report, says Sara Seguin, a principal adviser at Alloy.
Sara is a past CU 2.0 Podcast guest – link to that show is in the show notes.
She’s on the show now to report that credit unions say they have experienced a 72% increase in fraud events, more than any other segment.
Worse, a lot of fraud now involves synthetic identities – i.e., manufactured people – and a long con that may take months or years before the crooks seek to defraud the credit union.
What can credit unions do to fight back? Alloy has pointers.
Credit unions also have seen a spike in in-branch fraud, says Alloy. That’s surprising but also very worrying. Hear the details in the show.
Fraud is not a fun topic, I know that. But it is a real, every day concern at just about every credit union in the US and knowledge – of what fraudsters are doing and the tools available to fight back – is indeed power for a credit union.
Understand, too, last year’s fraud trends aren’t this year’s. It’s a constant battle where the criminals are always updating their weapons. Credit unions have to do likewise\.
