Accounts that experience fraud run from their credit union

by: Paul Bjerke

“You never know who might be watching.”

You’ve heard that saying before. When applied to your money, it used to mean that you shouldn’t flash large amounts of cash in a public place or let anyone stand too close to you when using the ATM.

Nowadays, though, the thieves who are watching are nowhere near their victims. They may not be in the same state or even the same country. They’re out there, however, on the Internet, targeting businesses and financial institutions, looking to steal customer information. And when they do, the results are so much worse than simply losing a handful of cash, for both the consumers and the business. Consider this, according to an Aite Group survey, 47 percent of customers who fall victim to an identity theft experience said they changed financial institutions because of it.

Can you afford to lose 47 percent of your business if your FI is hacked?

Data breaches are no longer a unique occurrence

Target’s breach in 2013 affected 110 million people and made national headlines, but the retail giant is hardly alone in its victimization. Instead, Target’s attack only foreshadowed a string of breaches that occurred throughout 2014. Here are some of the most notable:

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