NAFCU Services and Affinion Group Provide Free Webcast on Identity Fraud

Posted: 2010-10-07 00:00:00

WASHINGTON — NAFCU Services Corporation today posted a free webcast for credit unions titled “Trends in Identity Fraud” with its Preferred Partner, Affinion Group. The webcast reviews recent research findings on identity theft from several sources and offers insight into ways credit unions can help members prevent and detect identity theft.

The webcast and slides may be found at www.nafcu.org/affinion.

One of the studies discussed, the “Javelin Strategy & Research 2009 Identity Fraud Survey Report,” shows that new account fraud is the fastest growing fraud and costs the industry $18 billion a year (up from $15 billion). Further, new account fraud is the toughest to detect, takes the longest to resolve and is the most upsetting to victims.

“The ever-changing nature of cyber crimes like identity theft is creating new consumer needs for protection,” said the webcast’s expert, Todd Werner, vice president of marketing at Affinion Group. “Credit union members are more aware of identity fraud risks. The recession has given rise to an increased focus on personal finances and credit management. And the generation of digital data is increasing at a rapid rate, creating new vulnerabilities for members every day. As a result, credit unions need to constantly be aware of new solutions to manage, organize and protect members and their data.”

“Members expect identity theft prevention services from their financial institutions, and credit unions are no exception,” said David Frankil, President of NAFCU Services. “Seen from a different perspective, credit unions should view it as opportunity to meet a pressing member need, driving member loyalty as a result.”

The webcast goes on to show identity theft videos released this summer by Affinion Group and NAFCU Services that credit unions can use in their communities. These public service announcements (PSAs) may be found at www.nafcu.org/video-ads.

About Affinion Group

As a global leader with more than 35 years of experience, Affinion Group enhances the value of its partners’ customer relationships by developing and marketing loyalty solutions. Leveraging its expertise in customer engagement, product development and targeted marketing, Affinion provides programs in subscription-based lifestyle services, personal protection, insurance and other areas to help generate increased customer loyalty and significant incremental revenue for more than 5,500 marketing partners worldwide, including many of the largest and most respected companies in financial services, retail, travel, and Internet commerce. Based in Stamford, Conn., the company has approximately 3,600 employees throughout the United States and in 12 other countries, primarily in Europe, and markets in 15 countries globally. Affinion holds the prestigious ISO 27001 certification for the highest information security practices, is PCI compliant and Cybertrust certified. For more information, visit www.affinion.com.

About NAFCU Services Corporation
NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Since 1975, NAFCU Services has partnered with the industry’s leading solutions providers to offer value-added products and services at a discount to credit unions. Currently, it offers 28 Preferred Partner programs to the credit union community and maintains the credit union locator website CULookup.com. For more information about NAFCU Services Corporation, please visit www.nafcu.org/nafcuservices.

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