CUs in Crisis: On the Frontlines of Fraud, Liability, & Insurance

Credit unions are facing rising fraud, liability, and insurance costs, prompting carriers to tighten underwriting, raise rates, and limit coverage – all while balancing member convenience with stronger risk controls. This episode explores the key threats driving these changes, how insurers are responding, and what credit unions can do to protect themselves and their members.

 

 0:39  – Get to know Patrick and Brandon.

 6:06  –  How insurance carriers have responded to the increased volatility of the past three years.

 8:35  –  The primary types of claims driving the rise in fraud and liability cases.

 11:31 –  Will the rise of AI create new challenges for credit unions in fighting fraud?

14:36 – Why is the credit union space such a prime target for fraudsters?

18:24 – The challenges credit unions face when transferring risk to insurance.

21:09 – What’s preventing credit unions from acquiring the resources needed to fight fraud?

25:33 – Steps credit unions can take to mitigate risks and potentially lower premiums.

28:04 – How insurers are addressing the growing threat of social engineering fraud and account takeovers.

33:20 – How insurance carriers are adjusting their underwriting approach for credit unions.

36:00 – Key traits credit unions should look for in a partner to help navigate insurance contracts and risk management.

40:55 – How increased competition will shape what insurance carriers offer credit unions in the future.