Title this show everything you need to know about fraud today but have been afraid to ask.
Start with this: Fraud is big and getting bigger.
That is the worrisome message delivered by Rene Perez, a fraud expert with Jack Henry, and seconded by Stephanie Ziegler, director of financial investigations at SELCO, a $2.8 billion credit union headquartered in Oregon.
Perez is on the show to discuss Jack Henry’s new Financial Crimes Defender tool and Ziegler and SELCO are early adopters and she tells why.
Much of the show is devoted to discussing trends in financial institution fraud – and the criminals just keep getting slicker and more sophisticated.
Credit unions can – and are – successfully fighting back but a key realization is accepting that the fraud tactics keep changing.
Nowadays, for instance, a huge problem, said Perez, is that criminal organizations are seeking to implant crooked employees in financial institutions and fintechs. Perez and Ziegler discuss their organizations’ defenses against this.
Another mushrooming trend: account takeovers are epidemic.
The bottomline reality: fraud is an immense problem for all credit unions – and what you don’t know can indeed hurt you.
