Organizations from all sectors are grappling with how to address the growing risk of cybercrime and breach incidents. This holds especially true for financial institutions, where cyberattacks have long-lasting effects on brand reputation, member relationships and continued business growth.
That’s why we’re on a mission to ensure credit unions have a strong understanding of today’s threat landscape and the challenges and opportunities uniquely facing them. We’re excited to host an upcoming webinar, Identity Theft: Blind Spot for Members, Opportunity for Credit Unions, to discuss the latest cybercrime-related threats, and how credit unions are poised to address those threats. Attendees will walk away with critical insights on how credit unions can deepen relationships with their members and differentiate themselves in the market.
The Threat is Real
With identity theft on the rise year-over-year, the threat is not only real, but its growing prevalence threatens financial institutions’ ability to sustain trust with their members and remain profitable. Nearly 1 million consumers switch financial institutions each year because of fraud, taking a staggering $4 billion in credit card spending with them, according to Javelin Strategy & Research.
Members Are Looking to Credit Unions for Help
Members are looking to financial institutions not only to help safeguard their finances, but also to act as a trusted resource when it comes to identity theft and credit education. Credit unions lead the way in account holder trust, with 68% of members reporting their credit union has their best interest at heart (compared with only 41% of account holders at larger, national financial institutions). Credit unions can build upon the trust they’ve already cultivated by providing identity and credit solutions that better serve member needs and keep pace with today’s growing threat landscape.
Interested in Learning More?
Sign up for our webinar on Wednesday, September 13 at 11a.m. PT. Check back regularly for new blog installments where we’ll discuss how credit unions can address evolving cyber threats. Next month, we’ll explore why members are looking to financial institutions for protection.