CHARLOTTE, N.C. — This article involves commercial content.
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Data breaches are more common than ever. In the past couple months, AT&T customer data, including sensitive information from 70 million accounts was leaked online due to a data breach dating back to 2021.
This morning Jim Nussle, President/CEO of America’s Credit Unions shared more with us on the topic.
“With an ever-increasing risk and presence of cyber-attacks, protecting consumers’ personal and financial data is more important now than ever” says Nussele. He adds “ In 2022, there was $13.6 billion in fraud losses in the U.S. connected to total card volume of $12.4 trillion.” “ Card fraud rates doubled from 2011-2022, and a 2023 survey of credit unions found more than 60% of respondents saw increased card fraud in the past year.” Fortunately, credit unions are protecting Americans’ financial data.
Credit unions have invested significantly in both security and compliance management systems to prevent unauthorized electronic fund transfers (EFTs) and support faster, innovative payment options for their members. Plus, Credit Unions help to cover consumers’ costs when fraud occurs and are held to high data security standards under the Gramm-Leach-Bliley Act. There are some things the consumer can do to like read through their statements and make sure there are no discrepancies. “Also its important not to share sensitive information with anyone” says Nussle. This is the perfect time to be thinking about data safety because April is Financial Capability Month, and credit unions offer robust financial education programs to ensure members are empowered to manage their finances and are aware of risk trends. To learn more head to the electronic payment coalition and protect my interchange.