Safeguard Your Credit Union from Skyrocketing Card-Not-Present Fraud

About the Podcast

Financial institutions across the country continue to experience card-not-present (CNP) fraud at an alarming rate and it is not stopping. Currently in the top fraud spot, this type of fraud occurs online and involves both credit and debit card numbers. Ann Davidson of Allied Solution outlines how these nefarious attacks are occurring and how to prevent this type of fraud before it happens.

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Key Takeaways:

  • [02:05] The credit union members are shopping with COVID and not going face to face into brick-and-mortar locations. They are doing everything online. As they continue to shop online the bad actors are out there shopping online too. 
  • [06:25] Charge-backs are in an authorization report with a field at the top that says POS. Authorization Reports are a key report.
  • [09:21] Validate your authentication layers. Expand on the validation if they are getting through. Multi-factor authentication is key. 
  • [14:27] Educate your cardholders to never share personal or financial information. If you are getting a call from the credit union's fraud team, hang up and call them back on a number you recognize. 

Presented By

Ann Davidson
Ann Davidson

Vice President of Risk Consulting | Allied Solutions

With more than 40 years of diverse experience in the financial industry, Ann Davidson has become a nationally renowned expert in risk control and risk management. Ann has an impressive list of achievements and accreditations in the financial industry, which includes making notable article contributions to accredited financial publications and being a keynote speaker on a variety of risk management topics at hundreds of conferences and seminars nationwide.