There is so much personally identifiable information available on the dark web that fraudsters shop the bargain bin for card data but are willing to pay more for complete profiles.
"Legitimate businesses are not the only ones undergoing a digital transformation," John Buzzard, industry fraud specialist for Rancho Cucamonga, Calif.-based CO-OP Financial Services, said. He observed the largest amassing of worldwide PII data took place from 2013-2015, according to Forbes. "Not only is the data ripe for picking, it is sitting there sometimes unprotected."
Buzzard suggested credit unions and card issuers must continually provide the cautionary tale to staff and consumers in terms of protecting member data. "We want to emphasize to credit unions they can be stronger and more secure."
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
