At any given point it is likely that nearly 99% of the money in a credit union is stored digitally. Not only is more money going digital, the movement of digital money is becoming faster. What used to take days soon will take minutes, making it easier for cyber criminals to digitally steal billions of dollars.

Pragmatism dictates that it is easier to stop something from happening in the first place than to repair the damage after it has happened. This is true as long as we care about prevention. Easily clonable passwords and biometrics as a proxy for passwords are the predominant methods of digitally authenticating users. With more than a billion passwords cloned, the question is, do you care?

Even the largest bank, JPMorgan Chase, spent $250 million on cybersecurity and still got hacked – therefore we cannot spend our way out of it. This challenge will be exponentially worsened since digital account takeovers are going to become a serious challenge in the near future because of the massive loss of personally identifiable information from Equifax.

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