Identity theft continues to be a serious problem for the financial services industry; however, there is good news in that the number of victims decreased 28% to 8.1 million according to the 2011 identity theft survey by Javelin Strategy and Research. Losses have also decreased from $56 billion to $37 billion. One explanation for the decrease is the drop in reported data breaches, which involve batches of consumers’ personal information being compromised. Credit unions should remain vigilant in protecting against identity theft.
This session will include a discussion on the following:
Identity theft and data breach statistics;
Key red flags to look for in the new accounts and lending areas;
Important steps to resolve red flags detected; and,
Loss case studies
Speaker: Ken Otsuka is a Risk Manager in the Credit Union Protection Risk Management Department for CUNA Mutual Group.