Simpson outlines ideal regulatory approach for tackling fraud

As financial fraud becomes more sophisticated and widespread, credit unions are doing all they can to protect their members. As Fraud Prevention Month draws to a close, a RealClearPolicy op-ed from America’s Credit Unions President/CEO Scott Simpson addresses credit unions’ efforts to address fraud. He warns that while credit unions are investing heavily in real-time monitoring, multi-factor authentication, and staff training, fraud losses continue to rise and highlight the growing challenge. 

Consumers remain wary of newer financial products such as stablecoins, particularly due to limited fraud protections and lack of deposit insurance—reflecting a broader demand for safety and accountability rather than resistance to innovation.  

“Fraud Prevention Month should serve as a reminder that innovation must strengthen safeguards, not weaken them—and that the institutions best equipped to protect consumers must be empowered, not constrained,” he adds. 

Fraud remains a top concern for credit unions and a priority for regulators and lawmakers. A credit union witness testified on behalf of the industry on this topic earlier this month before the House Financial Services Subcommittee on Financial Institutions and just last week the America’s Credit Unions Small Credit Union Advocacy Advisory Panel tackled fraud prevention and education, proposed solutions, and more.   

Read the full op-ed