How to Avoid Credit Union Compliance Risks

 As digital services increase in popularity, credit unions must stay two steps ahead of potential issues by enhancing their cybersecurity. Complying with cybersecurity requirements goes beyond following rules and regulations — it also requires you to manage daily tasks and operations correctly. Learn how to reduce online threats so that you can increase customer trust, loyalty and satisfaction at your credit union. 

Common Compliance Risks 

Most credit unions cater to specific communities, member groups or industries. As not-for-profit organizations, they may operate on a smaller budget with fewer staff members and resources. 

Here are some common compliance risks credit unions may encounter: 

  • Data breaches: Unauthorized users or third-party attackers may gain access to confidential, protected or sensitive information using weaknesses in a credit union’s technology or network infrastructure.
  • Payment card fraud: Cybercriminals may compromise credit cards for cashless or online transactions with another merchant or third-party provider, making the issue outside the credit union’s control. 
  • Network security attacks: Unauthorized users may infiltrate a credit union’s network systems to monitor data and look for any vulnerabilities or make modifications to harm sensitive information and data. 
  • Ransomware attacks: Cybercriminals may use malware to infiltrate an organization’s network, block IT’s access to the systems and demand payments in exchange for releasing the data. 
  • Employee misuse of data or theft: Credit union personnel may steal member data for their own benefit or unintentionally leak information by not following the right protocols.
  • Identity theft or account takeover fraud: Online attackers may use various tactics, such as email phishing scams and bad links, to access account credentials, assume the identity of another person and take advantage of financial or credit benefits. 

Strengthen Your Compliance Management Program With Comply-YES

It’s important to get your compliance management up to speed each year and continue to improve, but this process takes time, effort and resources. Want to keep your employees focused on serving members and meeting other goals? Consider outsourcing your compliance.

Comply-YES! is owned by credit unions and serves credit unions. Our compliance officers and specialists have the expertise to strengthen your compliance management systems. We can help your credit union save money on technology expenses, operational costs and talent.

We offer various customized services and resources, including:

  • Robbery preparedness and prevention 
  • Compliance audits and training
  • Policies and procedures review 
  • Member compliant responses
  • Monitoring and corrective action
  • A board of directors or senior management oversight committee

Contact Comply-YES! to Learn How We Can Benefit Your Organization!

When you work with Comply-YES!, you are our Ally. Our goal is to make compliance easy and help your credit union conquer its compliance needs with all-inclusive compliance outsourcing, auditing, and consulting solutions.

Interested in learning how we can help your credit union avoid compliance risks? Contact Comply-YES! today!

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