CU InfoSecurity Guidance Texas Relevant

How Banks Can Limit Losses From First-Party Fraud

Summary

- Implement risk-based controls to limit trust given to new customers before their behavior can be established. - Focus on practical measures to reduce exposure to first-party fraud schemes during online account opening.

Why It Matters for Texas Credit Unions

Relevant as it provides guidance that Texas credit unions can follow to enhance their compliance and risk management practices.

Original Source Material

Cadence Bank's Brent Phillips Focuses on Controls for Online Account Opening Financial institutions face rising losses from first-party fraud schemes that begin with online account opening. One of the most effective ways to reduce exposure involves practical, risk-based controls that limit how much trust new customers receive before their behavior can be established.