Credit unions, their members and third-party providers of electronic funds transfer services need to improve their online security because of advances in online fraud involving personal and financial institutions computer systems, a CUNA Mutual Group risk management expert said Friday.
Electronic fraud losses are caused primarily by consumer account compromises through online banking systems and system intrusions at third-party providers of electronic services, Ken Otsuka, risk manager, told attendees at the Hawaii Credit Union League 71st Annual Convention.
Ken Otsuka, risk manager with CUNA Mutual Group, discusses electronic fraud with attendees at the Hawaii Credit Union League 71st Annual Convention Friday. Phishing scams have become a mainstream activity for fraudsters," Otsuka said. "Consumers continue to be duped by this e-mail scam and provide their account numbers and online banking passwords." Account compromises occur when members respond to phishing e-mails by clicking on embedded links that take them to bogus Web sites imitating the credit union's site.
"The branding is remarkably good, and consumers are fooled" into providing information that would allow fraudsters to open accounts with the victim's information," he said.
Read More at: http://www.cuna.org/newsnow/09/system042709-5.html?ref=hed
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