Fraud Feels Inevitable to Bank Members. Losing Their Money Shouldn’t Be.
Nearly 1 in 4 consumers fell victim to digital transaction fraud in the last three months, according to a recent State of Digital Banking survey. For credit unions and community banks, that makes fraud defense a retention question, not just an IT one.Tellingly, 36% of consumers feel resigned to the idea that fraud is "inevitable," but resignation isn’t forgiveness. Members may accept that fraudsters will try, but they won’t accept a financial institution that lets their money leave. The same survey found that the ability to stop fraudulent transactions in-flight has become a competitive differentiator, shaping where consumers keep their money.The stakes are rising as more credit unions and community banks join instant payment options like FedNow and Zelle. Payments become final i...