Another opportune time for credit unions

As we approach the month of October, recognized as National Cybersecurity Awareness Month, it is important to acknowledge another milestone worth remembering. This September marks the fifth anniversary of the now-famous Equifax data breach that impacted hundreds of millions of Americans, possibly including your members, and forever increased their level of risk against criminal attacks. 

A recent article authored by Mark Pribish, a nationally recognized subject matter expert, noted the lessons we should have learned from the Equifax breach and its fallout. The publication cited that the initial estimate of the number of people affected by the breach was off by almost 5 million people. In reality, over 145 million people (about 45% of the U.S. population) had their data compromised.

Pribish said, “The threat of a data breach or identity theft can be a lifelong problem that may affect you (and me) long into the future and in ways you (and I) likely have not even thought about.” 

We can all expect our information stolen in this Equifax breach (which included Social Security numbers, addresses, dates of birth, and driver license numbers) to be sold on the Dark Web for years to come. Your members will face increasing danger as criminals find new and ingenious ways to use this information to attack them.

Now, five years after this famous breach, we find consumers (your members) more deeply concerned than ever about security, according to research by Paysafe. An article about this research notes that “59% of consumers are more concerned about becoming a victim of fraud now than they were in 2021.” In addition, 62% of people believe that fraud is an inevitable risk when shopping online … up from 45% who felt this way in 2021. The research showed they want security over convenience by a 2-to-1 margin.

This information is a massive signal to credit union executives to find ways to provide members a safety net against the rising tide of cybercrime and ID theft that transcends financial services alone. When could there be a better time to look at your members’ relationship with the credit union and make an effort to bring them more lifestyle benefits to ease their sense of stress in many ways?

In addition to ID theft protection, why not provide members some telehealth services, auto-related benefits, or mobile phone protection too? Credit unions can take their member experience and engagement to another level with a comprehensive package that offers more than a competitive interest rate or easy ways to manage payments and their finances.

Members are looking for help in their lives on many fronts, and credit unions can demonstrate a level of caring and concern for them with new member experience solutions.  After all, who would they prefer to get solutions from than their trusted credit union. Chances are they will even be willing to pay for a broader experience that expands the connection to your CU.

The Equifax breach was a low point in history for consumers, including credit union members, that continues to make life a more stressful and dangerous place. It is a reminder of the ultimate vulnerabilities of consumers, and an open door for all service industry companies, including credit unions, to find a better way to ease their daily lives with high-quality experiences. For all of these reasons, this is an opportune time for CU executives to find new ways to bring member experiences of simplicity, safety, security, and satisfaction to the members of your credit union.

Jim McCabe is an EVP with Vero, a member experience solutions resource for strengthening relationships and providing new revenue streams for credit unions.