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 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.

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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: A Look Ahead to 2025 — While each organization has its own unique risk footprint, this session introduced emerging risks that should be on everyone’s 2025 radar. Several hot topics were addressed by our TruStage™ Risk Consultants including risks related to artificial intelligence, vendor oversight, ITM fraud, check fraud, account takeovers, fair lending and other risks impacting organizations around the country. 
  Presentation | Recording
• 2025 Risk Management Virtual Events Schedule — Stay ahead of the complex array of ever-changing risks, compliance issues, and industry regulations with our 2025 risk management virtual events. Each session is focused on emerging risks and loss trends impacting organizations just like yours. You’ll gain actionable insights, proven guidance and relevant resources that you can use.
  
  New in 2025 — Cyber risks mini-series — a 90-minute session held quarterly focused on sharing best practices and fundamental components related to preparing for, defending against, and responding to cyber & data threat trends.
  Schedule 

Risk management resources:

Additional resources to help you manage the complex array of ever-changing risks.

• 2025 Emerging risks overview — Considering that risks tend to rapidly emerge and evolve at any time, you must avoid becoming static. This overview highlights the emerging risks and concerning losses that should be on your credit union’s radar. Read overview
• Money mule risk overview — 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 — identified as some of the most concerning credit union loss patterns. Read overview¹
• Disruptive technologies risk overview — The promise of innovations and enhanced consumer engagement offered by disruptive technologies can be an exciting opportunity for credit union leaders. However, as with any opportunity for growth, the technologies also bring with them risks that leaders should consider for successful adoption. Read overview

RISK Alerts:

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

• Emerging risks and large losses impacting credit unions — The frequency and severity of some losses reported by credit unions have increased significantly in 2024 and many are attributable to account takeovers, check fraud, ITM fraud, ATM jackpotting and ATM smash & grabs. Bad actors are using innovative fraud schemes and deploying age-old tactics with new twists to drive up losses — some getting hit with six- and seven-figure dollar losses. Many of these losses and their severity can be significantly minimized with proper loss controls. View alert¹
• Large-scale spear phishing campaigns target RDP — Warnings to be on the lookout for potential spear phishing attacks on Remote Desktop Protocol (RDP) have been recently issued by the Cybersecurity and Infrastructure Security Agency (CISA). These spear phishing campaigns intend to gain access to your organization’s stored files and access to your networks. View alert¹
• Improved fraud & scams: just add AI? — Every day, your organization relies on photos, videos, audio, emails, and other communication methods to enable decisions and carry out key functions and transactions while protecting your brand, networks, data, and bottom-line results. And artificial intelligence (AI) is becoming more integrated into that process.
  Unfortunately, not everyone is using AI for good intentions. Hidden within your authentic media, bad actors are now using deepfakes — highly realistic synthetic media — at a higher frequency to defraud financial institutions, your employees, and even your members. View alert¹

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.

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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.

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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.

Technology-based programs to manage and streamline day to day requests

We strive to provide your credit union with technology-based programs to manage and streamline your day to day requests which helps to stay on top of demanding verification needs. You can submit Certificate of Insurance requests, add, or change locations, file a claim and so much more online! Smart Forms, more formally known as Online Interactive Forms, is one great feature we offer at TruStage.