Business Protection News

New & emerging risks

We're happy to present Business Protection News (formerly known as P&C Minute). Every other month, the Corporate Property & Casualty Consultant team will briefly tell you about new and emerging risks, how to use your policy, and much more.

Insights on flood protection

March 2025

Flooding is one of the most common and costly natural disasters in the U.S., causing more than $5 billion in damage nationwide each year. And, it often happens in low- and moderate-flood risk areas.

Listen to why it is critical to identify flood risks at all credit union branch locations, foreclosed properties and even members' real estate loan collateral — so you can help safeguard your credit union and bottom-line results.

Listen
View transcript

In case you missed it

Here are a few resources to provide you with actionable insight and proven risk mitigation guidance to help you stay on top of emerging risks.

Webinars and education

• On-demand webinar: Money mules & their schemes — Money mules typically move money at someone else’s direction, not knowing that their activity benefits fraudsters. This activity has been key in account takeovers, fraudulent checks and fraudulent deposit schemes. This 60-minute session addressed how money mules are recruited, shared transactional red flags and highlighted mitigation tips to fend them off. 
  Presentation | Recording
• Account takeovers risk overview — Losses from account takeovers of member accounts have increased significantly in frequency and severity in recent years. Several credit unions have incurred seven-figure account takeover fraud losses. 
  View overview
• Fair lending risk overview — Fair lending risk is at the forefront of the regulatory environment. Credit unions need to support a robust Fair Lending program that helps them successfully navigate and thrive in the complex lending and compliance environment. 
  View overview

RISK Alerts:

Recent alerts issued about risks impacting credit unions across the country.

• Ransomware continues as a threat — Ransomware trends show that it continues to be an ongoing threat for organizations as the attacks are more complex and targeted. In fact, cyber criminals find a high level of profitability from cyber extortion or ransomware due to the very low cost of conducting an attack. View alert¹
• Increased scrutiny could impact the need for fair lending practices — While government agencies, like the Consumer Financial Protection Bureau (CFPB), are under scrutiny, it is unclear how it could impact the CFPB’s intent to increase supervision around fair lending laws and regulations. Being unprepared for fair lending practices will most likely result in a negative reputational impact, including potential risks and fines. View alert¹
• Virtual kidnapping becomes more realistic with AI voice cloning tools — AI voice cloning and deepfakes continue to evolve and wreak havoc with fraud and scams. One scam — which your Board members and C-suite may be most vulnerable — is virtual kidnapping where a criminal attempts to extort money from victims by convincing them that a valued person has been kidnapped. View alert¹
• ITM fraud takes on new twists — Criminals are exploiting the ITM self-service functionality without the assistance of a live virtual teller. To compound ITM risks, fraudsters are now employing social engineering tactics to deceive members into revealing or verifying personal information to gain access to audio phone banking or online banking. View alert¹
• Anything for love: romance scams & money mules — Online romance scams bring the potential for luring your members into unknowingly becoming money mules. By recruiting them through the guise of love, scammers use stolen info and photos from hopeful romantics to disguise themselves and launder money through financial transactions. View alert¹

Insights on emerging risks

January 2025

Usually when you think about risks, it’s emerging ones to be prepared for as they come around the corner. However, recently it has been the well-known risks that we are seeing credit unions get hit with six- and seven-figure losses. These well-known risks are related to variations of account takeovers, fraudulent checks, ATM jackpotting and more. Hear the latest on common risks that can affect your credit union’s bottom line.

Listen
View transcript

Insights on property protection

November 2024

The moment construction begins, a property is at risk for damage. The risks could include fire, theft, vandalism, windstorm, liability, or others. One common misstep is thinking that your credit union’s interests are always covered by your general contractor or builders, but they are not. To learn more about builder’s risk exposures, insurance protection, what’s covered and what’s not covered, or how to receive an insurance quote.

Listen
View transcript

Insights on cybersecurity protection

September 2024

Cybersecurity is one of the most dynamic risks for organizations to manage. The risks continue to rapidly evolve and the uncertainty of what’s next seems to get even harder to predict. Here are a few insights on cybersecurity protection and our recommendations on how to best manage them.

Listen
View transcript

The potential impacts or working remotely or in a hybrid work arrangement

As a result of the increased availability and desirability of remote work arrangements, employers must consider potential impacts to their operations and risks that they may not have previously considered. One potential impact relates to workers compensation and employees working remotely or in a hybrid work arrangement.

Artificial intelligence and potential threats regarding Cyber Liability Coverage

Did you know that an estimated 3.4 billion spam emails are sent each day?² On this episode of Business Protection News, learn more about Artificial Intelligence (or AI for short) and potential threats regarding Cyber Liability coverage. AI technology enables more sophisticated phishing attempts that are hard to uncover, but there are steps you can take to mitigate these risks.

How employee’s insurance and the credit union’s business auto policy work together

This episode of Business Protection News focuses on how the employee’s insurance and the credit union’s business auto policy work together when employees are driving their personal vehicles for credit union business.