Recent Risk Alerts

One certainty of more people owning an electric vehicle (EV) is that they will need frequent charging. For that reason, more businesses — including credit unions — are making arrangements for the siting of charging stations on premises. The decision to place a charging station(s) on your property should include adequate due diligence to avoid pitfalls that may involve risks of property damage, unforeseen expenses, liability issues, employment practices, and even reputational risk.

Dormant and inactive accounts are prime for manipulation by insiders without adequate controls in place. This type of fraud can be significant in the amount of dollars lost due to the length of time that can pass before being identified and discovered. Lack of and /or having no policies or procedures in place on dormant/inactive account activity can be a significant risk and allow for activity on such accounts to go unnoticed.

Some credit unions are considering providing Naloxone — an effective drug for reversing opioid overdoses — in the workplace. Police officers, emergency medical services providers, and non-emergency professional responders typically carry the drug for when encountering people at risk for opioid overdose. If you currently provide or are considering to provide the drug, you should be aware of the need for proper education, training, and the potential liability concerns regarding distribution and use.

With increased usage of artificial intelligence (AI) comes growing concerns of how credit unions, employees, and potential attackers can utilize ChatGPT and similar chatbots within their day-to-day operations and potentially for nefarious activity. Many companies are already taking precautions to place limits on the usage of ChatGPT in the workplace. As this technology continues to expand, tools using AI like ChatGPT should be on your emerging risks radar.

Over the past few years, synthetic identity fraud and identity theft have become the fastest-growing form of fraud in the world. A primary driver is that customer verification systems to detect and prevent synthetic identity thieves are not sufficient. To assist, the Social Security Administration has developed an online solution to identify social security numbers, date of birth, and names called the Electronic Consent Based Social Security Number Verification (eCBSV) Service.