Business Protection News

New & emerging risks

We're happy to present Business Protection News (formerly known as P&C Minute). Every other month, the Corporate Property & Casualty Consultant team will briefly tell you about new and emerging risks, how to use your policy and much more.

Actionable insights on cybersecurity

September 2025

To help protect your credit union and members from the latest cybersecurity threats, you need intelligence you can act on. Cybersecurity isn't just an IT issue. It's a leadership responsibility. Your team, your board and your members rely on strong management when it comes to safely navigating the digital financial landscape. When you know the risks, you can lead with greater confidence.

In case you missed it

Here are a few resources to provide you with actionable insight and proven risk mitigation guidance to help you stay on top of emerging risks.

Webinars and education

• On-demand webinar: ITMs & ATMs: A Criminal's Money Chest — The evolution of automated teller machines (ATMs) and interactive teller machines (ITMs) continues with more than half a million estimated nationwide. This convenient channel gives criminals ample targets to score quick cash. Listen in as TruStage™ risk consultants — Becky Garton and Michael Petrone — address hot risk topics like skimming/shimming, fraud, jackpotting, smash-and-grabs and physical security.
  Presentation | Recording

Financial institutions are actively exploring widespread quantum computing — investing, researching and preparing algorithm developments that will be ready to leverage this technology once it matures. Quantum computing uses the principles of quantum mechanics to process information using principles of superposition and entanglement to perform many calculations simultaneously, at unprecedented speeds. Learn more about the risks of quantum computing.

RISK Alerts:

Recent alerts issued about risks impacting credit unions across the country.

• FinCEN warns of crypto ATM scams — The Financial Crimes Enforcement Network (FinCEN) recently issued a notice urging financial institutions to be vigilant in identifying and reporting suspicious activity involving convertible virtual currency (CVC) kiosks — also referred to as crypto ATMs. The FBI's Internet Crime Complaint Center received 10,956 complaints relating to crypto ATM scams in 2024, with reported victim losses in the amount of $246.7 million. The FinCEN guidance highlights the significant increase, along with red flag indicators to help financial institutions identify and report suspicious activity. View alert¹
  
• BIN attacks spike: Target credit unions — Bank Identification Number (BIN) attacks, where fraudsters use automated tools to test card validity across a known BIN range, have spiked with credit unions nationwide. BIN attacks can result in widespread unauthorized transactions and member disruption. View alert¹
  
• HELOCs used to fund fraudulent checks — Fraudulent checks tied to members' home equity lines of credit (HELOC) loans have become a significant loss trend. The fraudulent HELOC checks are often created using information from a member's legitimate HELOC account or check. View alert¹
  
• Time for your employees to go back to school on insider cyber threats — The same compromise types — malware, ransomware, phishing and credential abuse — seem to continually result in significant cyber risk impact and loss frequency. A common theme is that bad actors focus on harvesting a range of valuable information from your employees — info such as usernames and passwords, financial details, system configurations, browser cookies and security protocols. As the landscape continues to evolve, it is critical for your organization to successfully detect insider threats. While it is challenging to manage, your employees must mitigate the risks associated with insider threats and protect your valuable assets from within. View alert¹
  
• Is that QR code actually a scam? — QR codes are everywhere these days. Thanks to a surge in popularity, the scannable codes are used for payments, registrations, advertising and information by businesses, brands and fraudsters. Fraudulent QR codes redirect individuals to fake or malicious websites designed to steal sensitive personal data (PII), authentication information and payment data or install malware on their devices. Quishing (phishing with a QR code) has become more widespread — even the U.S. Postal Service is reporting criminals incorporating QR codes into package delivery scams. View alert¹

Insights on risk mitigation

July 2025

With access to actionable, educational insights, relevant resources and risk mitigation guidance, you and your credit union can rise above your risk. In case you missed it, here are some resources to help you stay on top of emerging risks.

Everybody is a risk manager

May 2025

Your employees are often the first to identify fraudulent activity, making them your credit union’s first line of defense.

Understanding the methods by which fraud, crime and other losses occur is important for all credit union employees. In fact, knowing how they can efficiently identify, interrupt and respond to risks early on can help reduce the impact and duration of a potential loss.

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Insights on flood protection

March 2025

Flooding is one of the most common and costly natural disasters in the U.S., causing more than $5 billion in damage nationwide each year. And, it often happens in low- and moderate-flood risk areas.

Listen to why it is critical to identify flood risks at all credit union branch locations, foreclosed properties and even members' real estate loan collateral — so you can help safeguard your credit union and bottom-line results.

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Insights on emerging risks

January 2025

Usually when you think about risks, it’s emerging ones to be prepared for as they come around the corner. However, recently it has been the well-known risks that we are seeing credit unions get hit with six- and seven-figure losses. These well-known risks are related to variations of account takeovers, fraudulent checks, ATM jackpotting and more. Hear the latest on common risks that can affect your credit union’s bottom line.

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Insights on property protection

November 2024

The moment construction begins, a property is at risk for damage. The risks could include fire, theft, vandalism, windstorm, liability, or others. One common misstep is thinking that your credit union’s interests are always covered by your general contractor or builders, but they are not. To learn more about builder’s risk exposures, insurance protection, what’s covered and what’s not covered or how to receive an insurance quote.

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Insights on cybersecurity protection

September 2024

Cybersecurity is one of the most dynamic risks for organizations to manage. The risks continue to rapidly evolve and the uncertainty of what’s next seems to get even harder to predict. Here are a few insights on cybersecurity protection and our recommendations on how to best manage them.

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