Report: Fraudsters getting help from credit union employees

A new report on credit union fraud came to a shocking conclusion. The study found that clever crooks have found ways to recruit credit union employees to help them commit fraud.

In the study, credit union employees believed they were helping a member complete a legitimate transaction when they were actually helping a fraudster.

Here’s how it works: the criminal gets control of a member’s login information and then logs on a few times without trying to mask the computer’s identity. In fact, the crook wants the system to track the computer’s information to establish it as a known computer.

After creating trust with the computer system, the crook logs into the account and uses the live chat window to ask for help with a transaction. The member service rep helps the crook (who they think is a real member needing help) to create a wire transfer.

To stay under the credit unions' radars, the wire transfer amounts in the study were less than $8,000. Click here to read the full article and find out how to protect your credit union from this type of fraud.