According to the folks at NuData Security, companies have lost more than $1.6 billion due to credit card application fraud. That's a lot of cash lost just on applications.
To get to the bottom of this growing issue and how it can harm your credit union and members, we invited NuData Vice President of Business Development Robert Capps back on the show. Robert was kind enough to provide a bit of background info on this expensive trend -- but then he sprang a semi-new fraud term on me called "human farm activity" and how much damage this approach from fraudsters can wreak on your organization.
So what's the solution here? Well, Robert hints at a thing called passive behavioral biometrics. Ok, now I'm really feeling like the proverbial deer in the headlights. But once again, Robert steps up to the plate and explains this term how it can greatly assist in stamping out this human farm activity stuff -- along with many other multi-pronged approaches from today's fraudsters.
Another compelling conversation with Mr. Capps. Check it out and let us know your thoughts.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.