Now in its third year, Allure Security’s SPOOF '25: Credit Unions Brand Impersonation Threat Report highlights an alarming surge in online brand impersonation attacks on credit unions of all sizes.
Increasing Threats to Credit Unions of All Sizes
Online brand impersonation attacks targeting credit unions more than tripled year-over-year – a 285% increase. While many assume cybercriminals focus on the larger institutions, our data shows otherwise. Fraudsters targeted credit unions of all sizes in 2024, launching 2.5 times more impersonation attacks than in 2023. This includes a sharp spike in attacks on institutions with $200 million to $5 billion in assets under management.
Increasing Threats to Credit Unions of All Sizes
Online brand impersonation attacks targeting credit unions more than tripled year-over-year – a 285% increase. While many assume cybercriminals focus on the larger institutions, our data shows otherwise. Fraudsters targeted credit unions of all sizes in 2024, launching 2.5 times more impersonation attacks than in 2023. This includes a sharp spike in attacks on institutions with $200 million to $5 billion in assets under management.
Financial and Operational Impacts
Scams targeting credit unions and their members can have devastating financial consequences. Account takeover, a common outcome of these scams, costs credit unions up to 11% of their annual income. A credit union with $1 billion in assets and an estimated $7.1 million in annual income could lose as much as $781k through direct and indirect costs, such as reputational damage.
Scams targeting credit unions and their members can have devastating financial consequences. Account takeover, a common outcome of these scams, costs credit unions up to 11% of their annual income. A credit union with $1 billion in assets and an estimated $7.1 million in annual income could lose as much as $781k through direct and indirect costs, such as reputational damage.
Evolving Techniques and Generative AI
Attackers continue to make it more difficult for consumers, brands, and security vendors to recognize deceptive content. Generative AI crafts convincing content with the fluency of a native speaker and empowers even unsophisticated cybercriminals without technical expertise to quickly create impersonating content and scale up their fraud schemes.
Attackers continue to make it more difficult for consumers, brands, and security vendors to recognize deceptive content. Generative AI crafts convincing content with the fluency of a native speaker and empowers even unsophisticated cybercriminals without technical expertise to quickly create impersonating content and scale up their fraud schemes.
Endorsed by Curql and promoted by NCU-ISAO, this report covers the:
- current threat landscape facing credit unions and, in turn, their members
- data and statistics on threat volumes and trends
- financial realities facing credit unions from online brand impersonation
- practical action credit unions can take today to protect their business and their members
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