WAIKOLOA, Hawaii-Online security needs to be beefed up at financial institutions, their members and among vendors because of advances in online fraud, CUNA Mutual said at Hawaii Credit Union League's 71st Annual Convention. "Phishing scams have become a mainstream activity for fraudsters," a risk manager told the conference. "Consumers continue to be duped by this e-mail scam and provide their account numbers and online banking passwords. It's important for credit unions, corporate credit unions and third-party providers of electronic funds transfer services to adopt suitable authentication methods to prevent costly unauthorized transactions." FIs can institution IP restrictions, multifactor identification and online payment transaction limits to help cut down on fraud.
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