Member-to-member (M2M) transfers are unique to the credit union space—and fraudsters know it. By exploiting weak authentication methods like OTPs, and the fact that funds move instantly within the core, bad actors are opening fraudulent accounts, taking over legitimate member profiles, and transferring money to themselves in real-time.
The results:
- Significant, irrevocable financial losses
- Reputational damage and member distrust
- Increased targeting as “low-hanging fruit”
- Stagnation in digital banking innovation
In this video, Michael Hayden from Nuvision Credit Union explains why credit unions need solutions, like Entersekt’s advanced authentication, that go beyond perimeter defenses. That means stronger device and biometric authentication, smarter internal friction on high-risk actions, and protection against manipulation of digital settings and alerts.
