Reseda Summit 2026: Rick Phillips (Stickley on Security)

Rick Phillips explains that Stickley on Security has expanded beyond member and employee education into security services, including becoming a CUSO and partnering with Reseda as part of a recent investment round. He says the company has been growing for years and is now focused on fraud prevention. The main product discussed is True Member, which is designed to stop account takeover fraud in digital banking. Phillips says the system was developed over about three years and is already live at five credit unions. He says those institutions have seen zero account takeover fraud while using it. He describes account takeover fraud as usually involving credential theft, where a member gives away their username, password, and one-time authentication code. He says these incidents often happen in waves and can cause significant losses, even for smaller credit unions. Phillips says cybercriminals typically target credit unions broadly rather than carefully selecting large or small institutions. He says they may use email and phone lists in an area and attack many people at once, whether or not they are members. He says some credit unions have had to remove members from digital banking after repeated fraud incidents, but True Member has allowed them to bring those members back. He also says some users can be placed into a safer mode from the start, where they can use digital banking without being exposed to account takeover fraud. Phillips says a case study showed that overall fraud costs at one credit union were reduced by 94% after the service was turned on. He argues that account takeover is the main source of large fraud losses, even when other types of fraud are present. He adds that the product is being rolled out to other digital banking platforms and is integrated into the platform experience rather than operating only from the outside. He says the system shows live login activity and creates a shared block list of malicious actors across participating credit unions. On pricing, Phillips says the service is designed to be affordable and is based on active members. He says even smaller credit unions can use it, and that the cost can be less than one month of fraud losses.