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  1. Resource Center
  2. Allied Insights
  3. Holiday Scam Prevention Tips

Holiday Scam Prevention Tips

  1. Resource Center
  2. Allied Insights
  3. Holiday Scam Prevention Tips
By Allied Solutions, with NAFCU,
December 02, 2019
Member scams, transaction risks, and loan application fraud attempts all ramp up during this purchase-heavy time of year.

Read the full blog article on NAFCU Services Blog.

The holiday season is in full force. And while this time of year brings more business opportunities for credit unions, it also brings more risks. Member scams, transaction risks, and loan application fraud attempts all ramp up during this purchase-heavy time of year. It is important your credit union stays alert to these fraud threats and continues to put fraud education in front of employees and members. Review and share the following holiday-related scam education to keep the season merry and bright:

Image listing 5 Holiday Scam Prevention Tips for credit unions. The first tip is require multiple authentication layers for account access. Second tip is to offer cardholders the option to receive instant transaction alerts and to instantly turn their card on and off. Third tip is to be cautious of business email compromise scams when sending out wires especially during the holidays. Forth tips is to take extra steps to verify the identity of a new loan or account applicant before approving any new loan, accounts, or products. Fifth tip is validate the source of any paper check, deposit, ACH transfer, or wire transaction before clearing these.

Download our White Paper: "Risk Checklist: Holiday Scam Prevention For Financial Institutions and Consumers"

Click here to learn more about credit union risk solutions at Allied Solutions.

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