How credit unions can prevent online payment fraud With so many of us transitioning from in-person to online activities, new opportunities arose for cybercriminals to exploit the changing circumstances. The FTC received over 1.3M fraud reports in Q1-Q3 of 2020, resulting in total losses of over $1.5B. Given the changing environment, credit unions should navigate cybersecurity in the “new normal” landscape with an effective and comprehensive security plan to protect their own data and cardmembers’ data. Payment gateways or “payment portals” have become essential to the security of businesses accepting payments online. When you’re just starting a business, online fraud can cost you more than a single purchase. According to a 2018 survey, Statista states that “US merchants lost an estimate of 6.4 billion dollars in payment card fraud loss.” Small businesses are no exception. On average, small businesses lost an estimated $155,000 a year. That much money can make or break a new business. That’s why it’s crucial to pick a payment processing company that works for your best interest.