There’s nothing new under the sun, goes the saying — but when it comes to payments fraud, there are new ways to do it.
As the coronavirus pandemic rages on, and as card-not-present (CNP) transactions present new vectors for fraudsters, financial institutions (FIs) — specifically credit unions (CUs) — need to find new ways to combat them.
Jack Lynch, PSCU senior vice president and chief risk officer, told PYMNTS that the use of advanced data analytics and joint efforts between CUs can be effective at predicting and stopping fraud attempts before they can compromise members’ information.
That’s especially important as the bad guys are even using scams tied to the World Health Organization (WHO) and Centers for Disease Control and Prevention (CDC) to trick unwitting victims into granting access to that data — and, ultimately, their accounts.
“There has to be more collaboration between CUs, and not just in terms of talking with each other,” he told PYMNTS. “I look at it as ‘data collaboration.’”