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.
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