There is growing fear the internet's deep recesses could hold detailed information that threaten credit unions organization and members. Dark web monitoring and fraud detection could alleviate some of those concerns.
Fraud is on the rise. The Nilson Report indicated card fraud will grow from $21.84 billion in 2015 to $31.67 billion in 2020. FICO data also confirmed card-skimming losses climbed a massive 546% between 2014 and 2015, and another 70% between 2015 and 2016.
Then there is breach fallout. Individuals with payment card data exposed in a data breach are three times more likely to become victims of identity fraud, according to Javelin Strategy & Research. A recent IBM/Ponemon study revealed the global average cost of a data breach is $3.62 million; and the average cost for each lost or stolen record containing sensitive and condential information is about $140.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.).
