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05/16/2024
One Step Ahead: How Community Banks and Credit Unions Can Cut Fraud Losses
The Financial Brand
Community banks and credit unions have a serious threat on their hands with consumer fraud losses exceeding $10 billion last year.
Consumer fraud losses totaling more than $10 billion in 2023 — up 14% over the past year — should be a wake-up call to community banks and credit unions that fraud is a serious threat. Unfortunately for affected financial institutions, fraud’s true cost can be up to four times the cost of a fraudulent transaction itself. According to LexisNexis, every dollar lost to fraud actually costs U.S. financial institutions $4.23 when you consider costs incurred to investigate the claim, legal and other fees and external recovery expenses.
To curtail these costs, it is more important than ever to combat fraud before funds are exploited — and innovations in proactive fraud detection technology can help. With these tools and a proactive strategy, you can protect your institution: Not only from financial losses but also from reputational damage and regulatory scrutiny.
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