Cyber Security & Fraud

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Making sense of SOC 2 — everything you need to know

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In today’s digital financial landscape, you expect more than innovative products — you expect trust. And trust isn’t built on great service alone; it’s earned through transparency, accountability and proven security. That’s where SOC 2 comes in. SOC 2, short for System and Organization Controls 2, is a rigorous, voluntary framework developed by the American Institute of Certified Public Accountants...

Building a resilient defense: cyber security considerations for your organization

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October is Cyber Security Awareness Month in Canada. For Central 1, cyber security is something we think about and work on all year round. This month, we're exploring the current cyber landscape, as well as the essential cyber security topics that leaders should consider when evaluating their organization's readiness and cyber resiliency.   The cyber security landscape – what you...

Fraud Prevention Month: Tandia Credit Union’s unique approach to fraud prevention education

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In today's digital age, member education stands as a crucial pillar in mitigating financial losses. This Fraud Prevention Month, Tandia Credit Union’s new YouTube series showcases a creative, friendly and proactive approach to educating members on fraud prevention, demonstrating their commitment to members’ financial well-being.   Watch their videos and get inspired!  Creating educational content with a compelling story offers...

Fraud Prevention Month: Establishing a fraud task force for financial institutions

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As we continue into Fraud Prevention Month, Ron Kaine, Product Director, Enterprise Management at Central 1, discusses how to design an effective fraud task force in this fast-paced digital landscape.   “Securing real-time payments goes beyond simply deploying fraud prevention solutions faster. Every stage of the transaction-processing life cycle, including fraud detection, must be completed in fractions of a seconds.” Says...

Fraud Prevention Month: Empowering small financial institutions

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March is Fraud Prevention Month! This month, we’ll be sharing insightful articles on fraud detection, prevention, and tips to mitigate security risks. To kick off, Ron Kaine, Product Director, Enterprise Management at Central 1, discusses fraud challenges small financial institutions face and strategies they can use to prioritize fraud, even with limited resources. From educating staff to leveraging strong customer...

Cyber Fraud Alert: Membership origination services created with stolen personal information data

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A concerning cyber fraud trend is on the rise. Cyber criminals are using stolen personal information (PI) obtained from unrelated data breaches to create fake financial account originations and gain access to credit union members' financial services. There are a few ways cyber criminals are gaining access to PI and using it to their advantage: Canadian PI data accounts have...

Tackling fraud through the power of technology

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In 2022, the Canadian Anti-Fraud Centre reported a staggering $530 million in victim losses related to fraud and cybercrime — nearly 40 per cent more than what was reported in 2021. The landscape of fraud prevention is constantly evolving to keep up with fraudsters’ ever-changing tactics. As financial institutions transition to faster payments systems and real-time functionality, they must also adopt new technologies and strategies to effectively mitigate...