Safeguard Your Members and Employees after a Data Breach
One of the most important services that credit unions provide, and that members appreciate, is account security. This past year, COVID-19 challenged that security and credit unions stepped up efforts to help ensure their members’ information remained secure. And while there is no foolproof way to prevent identity theft 100%, investment in strong cybersecurity software goes a long way when it comes to reducing the impact of fraud.
Key findings of the 2021 Javelin Identity Fraud Study reveal a significant increase in identity fraud scams and loan fraud since the pandemic began. The report states that it is becoming easy for criminals to bypass fraud detection technology implemented by financial service providers to gain unauthorized access to accounts by targeting consumers directly. Similarly, the NCUA’s 2021 Supervisory Priorities states, “Emerging cyber-attacks are a persistent threat to the financial sector, and the likelihood of these threats adversely affecting credit unions and consumers continues to increase.”
Strategic Link partner, Vero, helps protect credit union employees and members from both financial and nonfinancial identity theft with fully managed ID theft recovery. Vero’s solution, IDProSelect, provides several services that comply with state and federal laws, including identity theft reimbursement insurance, recovery for up to three generations of an account holder’s family, credit monitoring, rapid credit alerts, dark web monitoring, and more.
“With the ever-increasing risk of identity theft, credit unions need a trusted partner for data breach and fraud protection,” said Cameron Smith, Vice President of Strategic Partnerships and Resources. “In a crowded marketplace of solutions, Vero’s IDProSelect stands out for complete recovery services to earn the trust and loyalty of both members and employees, while also ensuring risk management and compliance.”
When it comes to serving their members, credit unions are known for going the extra mile. Implementing protective services in these times of heightened risk is just one more way they live their “People Helping People” mission.
To learn more about what Vero can offer your credit union, please contact the Strategic Link team.