Building a Proactive Fraud Strategy in a Digital Age
Credit unions are a vital part of the financial system, providing their members with a safe and affordable place to save and borrow money. With incidents of fraud on the rise, especially cyber fraud, it’s more important than ever to have a comprehensive fraud prevention strategy as well as a thorough incident response plan. The four essential pillars of a proactive fraud prevention strategy are centralization; technologization; reinvestment; and continuing education.
Investing in Member Education for Financial Health
Credit unions that invest in member education are more likely to have financially healthy members. By providing members with the information and resources they need to make sound financial decisions, credit unions can help them achieve their financial goals. When building effective member education programming, credit unions need to consider both fundamental skills development as well as in-depth advanced education.