Jim McCabe was quoted in a recent CU Times article discussing the September 2017 Equifax data breach. He stated credit unions now have a perfect opportunity to provide identify theft protection services to their membership, while earning a new fee income stream.
He noted how a seemingly impregnable credit bureau like Equifax, with many IT resources was not able to stop a large data breach from happening. In Equifax’ case, the fraudsters were able to steal personal identification information from 145 million U.S. citizens.
Equifax then compounded their data breach problems by waiting six weeks to alert the public and federal officials. Ironically Equifax management had previously been warned about a software flaw and missed an opportunity make a patch. These miscues cost several key managers to step down or leave their positions.
It really can happen to any business, regardless of their size and sophistication. In September 2017 the global accountancy firm Deloitte announced that it had been hacked and resulted in a breach of confidential information from some of its biggest clients. This news was a major black eye for one of the world’s “big four” accountancy and consulting firms—especially since a major part of Deloitte’s business is selling cyber security. Hacking is an area that both large and small entities regardless of their type of business, are all at risk.
Vero provides ID Theft recovery solutions for credit unions regardless of size. They provide research into a data breach, remediation, and ultimately recovery for your affected member. If one of your members either becomes a victim or even suspects that they may have become a victim of identity fraud for any reason, they simply call Vero. A member does not even have to confirm identity fraud before seeking assistance. Vero provides the member with a professional Recovery Advocate and depending on the scope of identity fraud incident, they will provide the following:
–Perform research to determine the extent of the problem, including a review of all three credit reports.
–Assist with the placement of fraud alerts with the three major credit bureaus.
–Write letters/ make calls on your behalf to dispute fraudulent information.
–Coordinate with government agencies, financial institutions, creditors, etc. to resolve incidents.
–Work with law enforcement to help to arrest and prosecute the criminals.
–Follow up for 12 months after recovery.
Jim McCabe is the SVP, Identity Theft Solutions for Vero, LLC, a subsidiary company of CU Direct. Contact firstname.lastname@example.org. Contact Jim McCabe to find out how several Nebraska credit unions are earning great fee income and providing excellent ID theft protection to their members. Vero is a Cooperative Solutions Group league partner.