ALEXANDRIA, Va. – Given that financial institutions are the most targeted industry for phishing scams, NCUA published a Letter to Credit Unions (05-CU-20) highlighting the need for credit unions to educate their members. “As the number and sophistication of phishing scams continues to increase, we would like to emphasize the importance of educating your employees and members on how to avoid phishing scams as well as action you and/or your members may take should they become a victim,” the letter read. It included information to share with members to prevent becoming a victim and how to help recover if they do. The agency knows what it is talking about. NCUA, as well as CUNA and a number of credit unions, have been the targets of phishing scams. The letter provided ways for credit unions and their members to protect themselves.
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