When you think of a credit union (CU), it’s easy to picture a place that values member relations and face-to-face banking.
While this business model has typically worked to the advantage of CUs, it can also leave some of these institutions ill-prepared for the COVID-fueled shift to digital-first banking — and the risk of online fraud that come with it.
However, many CUs have begun leveraging technologies such as artificial intelligence (AI) and machine learning (ML) to boost their risk management efforts. For example, AI systems can search large amounts of data to protect against the threat of synthetic account fraud without the need for manual review, thus providing CUs with cost savings.