Identity fraud constantly challenges not only credit unions, but all financial institutions globally. Over the past six years, cybercriminals stole $112 billion or $35,600 every minute. The outlook gets worse.

An IBM blog report, "Massive Identity Data Exposure Leads to Rising Tides of New Account Fraud – What's Next?" revealed adding to the challenge are major data breaches, which resulted in a flood of personally identifiable information, such as names, addresses, Social Security Numbers, birthdays and more have added to the dark web.

This enables cybercriminals to catfish people's identities, making it harder for financial institutions to detect new account fraud in its early stages. And, as credit unions and banks continue to expand services online, new customers are arriving, but not all are legitimate: In 2016, identity fraud hit a record high with 15.4 million victims in the U.S. alone, up 16% from 2015.