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Post-Equifax Breach, Be on the Alert for Identify Thieves
Tuesday, October 24, 2017 6:55 AM

The world of identity theft shifted on Sept. 7 when news broke that hackers had infiltrated the Equifax consumer database, affecting an estimated 143 million consumers. The website, equifaxsecurity2017.com, was set up by the credit bureau to assist consumers with ascertaining whether or not their information had been compromised. However, the potential is still very real for the security breach to affect your credit union.

Consider the different ways an identity thief can take advantage of your credit union. For institutions that offer online loan processing, an identity thief could initiate the loan process online, then come in later to finalize the paperwork and have instant access to funds. To prevent this, credit union staff needs to be vigilant but not suspicious. Relying on the preponderance of data (from all reliable sources) to verify true intent is crucial.

Credit cards are trickier. Usually, a member can apply for those online with no formal verification required. It might be a good idea to verify that your member did indeed fill out a credit card application before a new account is established.

A duplicitous “member” might open another account type, only to gain access to funds existing in already established bona fide accounts. This, in time, could end up being the more disastrous scenario.

Of course, the easiest thing for identity thieves is to simply go to another credit union and establish themselves as a member. Once they have a new account, they can avail themselves of all the new services that particular credit union has to offer, including loan products and credit cards. This is where diligence is required. Member duplicity can be hard to stop, but is something that you simply have to be on the lookout for as this will be a very real threat for the time being.

This is one of those situations where a great offense is better than a good defense. Now is the time to be proactive and look at your processes. Make sure current processes are secure and there are measures in place for verification to prevent further damage.

Read more on this story here.

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Assess Your Systems and Manage Your Risk

As technology changes, every credit union faces new security issues. Let Credit Union Resources help you stay on top of it—your future could depend on it. Our team of technology professionals provides guidance on compliance, shares best practices, and performs audits. We have a vested interest in your success, and your cybersecurity matters to us. To find out how we can help you manage cybersecurity and operational risks, contact:

Idrees Rafiq
469-385-6799
800-442-5762, ext. 6799
irafiq@curesources.coop

Deanna Brown
469-385-6464
800-442-5762, ext. 6464
dbrown@curesources.coop

About Credit Union Resources Inc.
Credit Union Resources is a service corporation that provides industry-leading solutions and expertise to credit unions across the country. Credit Union Resources is a wholly owned subsidiary of the Cornerstone Credit Union League, a regional trade association representing the interests of credit unions in Arkansas, Oklahoma, and Texas.