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.

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.

Listen
View transcript

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: Business Continuity & Incident Planning — Cybersecurity risks remain a significant, persistent and ever-evolving threat. The disruption and costs to identify and resolve these incidents — along with the operational downtime and resource impact for your organization — can be staggering. This 90-minute session shared documented processes, testing procedures and common missteps involving incident planning. 
  Presentation | Recording
• Emerging Risks Outlook — Emerging risks continue to evolve and impact credit unions with six- and seven-figure losses. Access this web series to learn more about account takeovers; fraudulent checks and deposits; and ATM/ITM risks. Each risk topic has a recorded presentation, key questions and answers and related resources that explain how losses are happening, and what you need to do to recognize and minimize the impact of these losses. 
  View outlook
• Risk training for employees — Access and share no-cost, on-demand employee risk training modules that help your staff address key risks associated with data protection, member fraud, check fraud, common office risks, robbery and active assailant incidents. 
  View training

RISK Alerts:

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

• Mobile wallets targeted in scams — Fraudsters are using sophisticated attacks to social engineer consumers into providing payment card details. The phishing and smishing messages contain a link to a spoofed website where consumers enter their payment card details, including two-factor authentication passcodes. The fraudsters successfully provision the stolen card data to mobile wallets. The reliance on one-time codes for onboarding mobile wallets has fostered this wave of fraud.  View alert¹
• Account takeovers with a new twist — Fraudsters continue to takeover member accounts via online banking by compromising members’ login credentials through sophisticated social engineering scams. View alert¹
• New account fraud, AI and deepfakes — Fraudsters are now using generative AI to create fictitious identity documents, such as driver’s licenses and passport cards, to circumvent identity verification and authentication methods. View alert¹
• Vehicle title fraud continues to cause credit union losses — The shift from traditional title certificates to electronic titles or e-titles is promoted as a way to reduce the risk of forgery and title alteration. However, there continues to be gaps in the process, particularly as it relates to private party sales, and this has led to credit union losses. View alert¹
• Pixel tracking class action litigation catches some organizations by surprise — Class action lawsuits targeting organizations — including credit unions — for their use of digital tracking and web analytics technologies such as session replay tools, chats and now tracking pixels continue to increase. View alert¹

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.

Listen
View transcript

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.

Listen
View transcript

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.

Listen
View transcript

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.

Listen
View transcript

The potential impacts or working remotely or in a hybrid work arrangement

As a result of the increased availability and desirability of remote work arrangements, employers must consider potential impacts to their operations and risks that they may not have previously considered. One potential impact relates to workers compensation and employees working remotely or in a hybrid work arrangement.

Artificial intelligence and potential threats regarding Cyber Liability Coverage

Did you know that an estimated 3.4 billion spam emails are sent each day?² On this episode of Business Protection News, learn more about Artificial Intelligence (or AI for short) and potential threats regarding Cyber Liability coverage. AI technology enables more sophisticated phishing attempts that are hard to uncover, but there are steps you can take to mitigate these risks.