Economic downturns and an increase in fraud go hand in hand. It happened during the great recession in the 1920s, in 2008, and during the COVID crisis starting in 2020. You don’t have to be clairvoyant to predict if it will happen again in the next few years, during another recession.
Credit unions and Digital Banking, Identity Theft, Synthetic Identity Fraud, Credit Washing, Transaction Fraud, Data Breaches
The pandemic has catalyzed the digitization process like nothing we’ve seen before. With 10 years worth of digitalization happening in the first 6 months of 2019, financial institutions who haven’t invested in their digital strategy are now facing severe challenges on the following fronts: