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Education Fights Fraud: Onsite at CU Direct DRiVE 15

LAS VEGAS Social engineering causes most fraud; credit unions must prep for identity theft.

By Natasha Chilingerian | Updated on May 21, 2015
Mark Pribish of Merchant Information Solutions speaks on fraud prevention.

LAS VEGAS – Knowledge and awareness of fraud is the biggest deterrent to the threats credit unions face today, and they must implement comprehensive identity theft recovery management programs. That’s according to a breakout session on cybersecurity and data breach preparedness at the Drive ’15: CU Direct Lending & Marketing Conference Thursday in Las Vegas.

Citing the Privacy Rights Clearinghouse, Mark Pribish, vice president and identity theft practice leader for the Phoenix, Ariz.-based Merchant Information Solutions, said there have been 4,503 breaches since 2005, and 70% are related to social engineering, with the other 30% related to hacking from outside organizations. In addition, he said data breaches cost organizations $201 per lost customer record, according to the Ponemon Institute.

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Natasha Chilingerian

Natasha Chilingerian

Natasha Chilingerian has worked in the credit union space for over a decade. She joined CU Times as managing editor in 2015 and was promoted to executive editor in 2019. Before that, she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union) in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer and editor for more than 17 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

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