According to the Federal Trade Commission in 2007 alone, the agency received more than 800,000 consumer fraud and identity theft complaints, reporting losses of more than $1.2 billion. Identity theft is no longer just about credit, says Bryan Ansley, CEO of Secure Identity Systems. In fact, almost 70% of all identity thefts are not credit-related. Credit Unions (CUs), especially employees, have an important role to play in ensuring that member information is secure. Several technology solutions are available to aid in protecting member data. And technology is certainly important -- but it's not the only factor that can make the difference between security and identity theft and fraud. Sadly, CU employees can sometimes be the enemy. The first thing CUs must do, says Ansley, is conduct a risk assessment to identify red flags and vulnerabilities. Training is the most important thing CUs can do to educate employees and protect members. Attention to detail is important as well as ongoing review of policies, procedures and processes.
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