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.

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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.).

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