Cybersecurity has been a trending topic for the financial industry. It has become such an issue that in July of 2018 CUNA launched its newest campaign, “Stop the Breaches.” Learn more about the campaign and how to ensure your credit union is investing in the right technologies
Data breaches remain a hot topic in the financial industry as criminals become more advanced in their attacks. Breaches are not only an inconvenience to members, but they can also be incredibly costly to credit unions. The Credit Union National Association (CUNA) estimated that the Target breach cost credit unions $30.6 million and the Home Depot breach cost $57.4 million.
When a breach occurs, credit unions are often left to take care of the bill. Reissuing new cards, blocking transactions, monitoring accounts and providing staff to cover member support are all expenses the credit union ends up paying for.
CUNA wants to put an end to these breaches and the damages they cause the credit union and financial industry. That is why they launched the “Stop the Breaches” campaign this year. This Member Activation Program encourages credit union members to call on Congress and courage them to pass data breach legislation.
While advocacy is an essential step in working to prevent data breaches, so is providing the right tools to your membership. Most of your members do not realize after a breach occurs the cost is shifted from the merchant to the credit union. In some instances, the credit union cannot legally disclose where the breach occurred.
Offering fraud protection services can empower your members to take control of their finances and identify any potential risks in their accounts. MAP provides transaction alerts which give your members a real-time look at their Visa card transactions. Cardholders can set personalized alerts so if any suspicious activity takes place they are immediately notified.
Card controls are another feature offered by MAP that allows your members greater control over their accounts. This technology will enable them to switch their cards on and off in the event they are ever lost or stolen.
In addition to providing your members with fraud monitoring tools, your credit union should also be investing in internal fraud and risk management services. MAP has a suite of risk management features designed to meet the individual needs of your credit union.
Falcon Fraud Manager gives your credit union a real-time view of all transactions taking place. This technology can analyze 15,000 fraud detection calculations in a matter of milliseconds. So if fraud is detected, your credit union is notified immediately and can begin work to remedy the situation.
At MAP, we understand ensuring your member’s data safety is the number one priority of your credit union. Learn more about our risk management features and help stop the data breaches today.