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WesCorp offers guide to fighting fraud
SAN DIMAS, Calif. (2/15/10)--Western Corporate FCU (WesCorp) has published an instructional document to help credit unions mitigate fraud threats posed by hackers and phishers. The guide was issued after the National Credit Union Administration (NCUA) released guidance about fraud and electronic transfers. The document, “Information Security and Risk Mitigation Guide,” offers information on ways to reduce risk of technology intrusions, regardless of the type of application credit unions are running. NCUA sent a letter to credit unions in September about fraudulent electronic transfers. The Automated Clearinghouse (ACH) Network grew 1.6% in the third quarter of 2009 compared to a year earlier. About 3.77 billion transactions worth $7.3 trillion were conducted during the quarter, according to the National Automated Clearing House Association (NACHA). NACHA expects that more than 25 billion transactions will be made this year. “Unfortunately, such explosive growth in the transfer of electronic funds almost always paves the way for more fraudulent activity,” said Robert Brown, WesCorp director of Internet security. Brown and his team led the WesCorp effort to develop and write the 28-page guide for the corporate credit union’s members using its ACH services. “Anyone who would log in and use an electronic funds transfer could be subjected to fraud,” Brown explained. “All it takes is the wrong click that installs a piece of malicious software stealing your user names and passwords, and the bad guy very quickly has control of your electronic funds.” The guide helps credit unions to identify the top threats and risks to their systems and some of the controls they can put into place to mitigate those threats, specifically around ACH and electronic funds transfers,” he added. WesCorp is based in San Dimas, Calif.


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