What keeps you up at night at your credit union? Many of us worry about fraud and data protection constantly. Zach Douglass lives on that very topic every day for credit unions nationwide. Learn what it is like to live this topic day in and day out and what your credit union can do to minimize the risk of loss.
IN THIS EPISODE:
- [01:54] Mark gives an overview of today's topic and introduces Zach Douglass.
- [02:51] Zach shares his job title and responsibilities.
- [06:59] What does risk management encompass, and what are the three common frauds and scams?
- [10:14] The balancing act between stopping fraud and managing risk.
- 13:06] Fraudsters are more sophisticated, and two ways credit unions could improve.
- [17:01] Zach discusses how Covid affected fraud and the methods bad actors are using in technology to defraud.
- [22:02] How a two-dollar sticker saved a hundred thousand dollars.
KEY TAKEAWAYS:
- Fraudsters became more adaptable to scamming during the pandemic because they were isolated with their computers and saw how easy it was to commit fraud from a device.
- Just as security measures are developed to keep members safe, scammers are working just as hard to create new ways to commit fraud.
- Credit Unions should look at all their products and services to assess risks.
RESOURCE LINKS
Mark Ritter Website
Allied Solutions Website
BIO:
Zach Douglass works to keep credit unions aware of emerging risks to prevent losses as the director of Bond and Risk Management for Allied Solutions. Allied Solutions uses technology-based products and services to meet the insurance, lending and marketing needs of more than 4,000 financial institutions in North America. Dedicated to helping their clients grow, protect and evolve their businesses.
