umbrella over lock protection from ID theft Source: Shutterstock

Credit union executives and risk management teams should read a series of recent articles that explain why identity theft has become a top concern for many members. The data and quotes in these articles demonstrate why this fear is growing and what credit unions can do to help alleviate their members’ concerns, and strengthen relationships and loyalty.

The first article from May 2021 references a study conducted by Benenson Strategy Group that revealed consumers’ most significant concerns and fears in today’s world of uncertainty. The respondents’ top concern was identity theft, with 76% indicating they are worried and 34% indicating they are very worried about an event. In fact, “90% of consumers believe becoming a victim of ID theft or cybercrime is something that can happen to them at any time,” according to the study. Additionally, 49% of survey takers believed their lives would significantly change by becoming identity theft or cybercrime victims.

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