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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 has served as an editor for CU Times since March 2015. She also served as a communications specialist for Xceed Financial Credit Union (now Kinecta FCU) in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer for more than 16 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

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