MeridianLink Live! 2022: Fraud and Compliance Trends for Credit Unions

At MeridianLink Live! in Huntington Beach, credit union and lending leaders discussed the accelerating shift toward digital account opening and lending alongside rising identity and fraud risks. Participants reported increased new-account fraud, bot attacks, call-center account takeovers, geographic variation in fraud rates, and widespread synthetic identity fraud, particularly in indirect auto lending. They also cited high rejection and abandonment rates from existing customer identification and fraud-prevention tools, with thin-file applicants—including younger, older, immigrant, underserved, and minority consumers—especially affected. Many credit unions expressed interest in lower-friction, passive identity verification and authentication methods and dissatisfaction with knowledge-based authentication, which can inconvenience legitimate users while remaining vulnerable to fraudsters. Socure, a newer MeridianLink partner, said its ID+ identity-verification platform, including KYC, fraud detection, risk scores, and document verification, was scheduled to become accessible through MeridianLink’s products in the second half of 2022.

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