Survey: Payments fraud increasing
A survey revealed that more than 80 percent of organizations – including financial institutions and other businesses – suffered from payments fraud in 2018. Fraud was also more common among larger institutions: 87 percent of those with revenue more than $1 billion experienced fraud compared to 69 percent of those with less revenue.
In addition, business email compromise (BEC) scams increased last year, with more than half reporting financial losses as a result. BEC scams are used to gain access to a business email account and imitate the owner's identity in an effort to defraud a company.
While checks are most likely to be impacted by fraud, organizations reporting check fraud continues to decline. Fraud activity related to ACH debit and credit is on the rise.
The report, released by the Association for Financial Professionals and sponsored by J.P. Morgan, included responses from more than 600 treasury and finance professionals.
For those interested in fraud prevention resources, tomorrow, the Federal Reserve is offering a webinar on synthetic identity payments fraud. NAFCU also has fraud and cybersecurity compliance resources available online.
NAFCU continues to engage with the Fed regarding its work to make the payments system faster and more secure and has met with Fed staff to discuss the strategy for achieving more secure payments. The association in December shared how credit unions could benefit from faster payments services.
The Fed has also launched a group among industry stakeholders aimed at improving payments security; learn more about the Fed's payments priorities here.
Add to Calendar 2020-05-29 14:00:00 2020-05-29 14:00:00 INVEST IN DEI – Diversity, Equity and Inclusion in Credit Unions Diversity, equity and inclusion are business imperatives critical to the achievement of the credit union mission. Exactly what are diversity, equity and inclusion as they relate to credit union operations, staffing and mission? Why is there such a buzz around DEI lately? Should we be part of this initiative and how do we get started? This webinar will provide a baseline understanding of diversity, equity and inclusion and explore how DEI is a strategic competitive advantage that benefits your credit union, your members and the community you serve. Key Takeaways Understand what diversity, equity and inclusion are and why they’re important to your credit union Explore the benefits of incorporating DEI into your credit union Hear directly from credit union leaders who will share their DEI challenges and opportunities Learn how using the Credit Union Diversity Self-Assessment can assist with establishing or enhancing your DEI program Review the DEI resources for credit unions Register Now For On-Demand AccessRegistration is complimentary, but you must register to attend. One registration gives your entire credit union access to the on-demand recording until May 29, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? Presidents and Chief Executive Officers Human Resources staff Executive Vice Presidents and Chief Operating Officers Marketing staff Education Credits CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Education Manager, NAFCU Learning Objectives: Understand what diversity, equity and inclusion are and why they’re important to your credit union. Explore the benefits of incorporating DEI into your credit union. Hear directly from credit union leaders who will share their DEI challenges and opportunities. Learn how using the Credit Union Diversity Self-Assessment can assist with establishing or enhancing your DEI program. Review the DEI resources for credit unions. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Personnel/Human Resources National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
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