Latest Fraud Trends Impacting Credit Unions

About the Podcast

We’re talking new fraud trends with the Co-Founder and CEO of Sentilink, Naftali Harris. He shares insights about the latest attacks on credit unions, what new tactics are criminals using, and how we can prepare and protect our members.

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Key Takeaways

  • [04:33] There are a lot of different types of fraud. At the very highest level would be application fraud. This is fraud associated with applications for new products. Identity fraud is fraud associated with identities. The other main type is first-party fraud which is someone who is being untruthful about some part of their history. 
  • [05:08] Within identity fraud there are two main subcategories. Identity theft is when someone steals someone else's identity. The other is synthetic fraud which is when someone makes up an identity. 
  • [06:08] Another type of first-party fraud that we are seeing increasingly now is credit washing. Credit washing is when somebody falsely claims to be a victim of identity theft in order to remove derogatory information from their credit report. 
  • [09:59] The fraudsters continue to evolve and develop. One of the big things they have seen recently is fraudsters that are using the victims' mailing addresses. 

Presented By

Naftali Harris
Naftali Harris

CEO, SentiLink

Naftali Harris is Co-Founder and CEO of SentiLink. Prior to SentiLink, Naftali was the first data scientist at the online lender, Affirm. While there, he built and led their Risk Decisioning team. Naftali graduated from the University of Chicago with a BA in statistics, and subsequently earned an MA in statistics from Stanford, where he was a Stanford Graduate Fellow. Naftali was named to Forbes’ 30 Under 30 list in 2020.