Not If But When: Why Community Banks and Credit Unions Should Invest In Fraud Protection

By Easy Solutions


From the Report, “A common refrain from community banks and credit unions is that since they are not experiencing a fraud attack at the moment, they don’t see any need to invest in fraud protection. Now apply the same logic elsewhere – it follows then, that purchasing home insurance doesn’t make sense, as my house isn’t currently on fire. This kind of reasoning is short-sighted and leaves banks and their customers vulnerable to fraud–related financial losses. It also ignores a growing, if unfortunate, precedent – that losses from cyberattacks number in the billions of dollars annually (one report put it as high as $445 billion), and it continues to rise every year.”

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