If a chain is only as strong as its weakest link, for most credit unions and smaller financial institutions, that vulnerability rests in the same place: their data.
Members flock to credit unions because of the personal experience they crave. They want that level of care and attention to detail they can’t get from a bigger bank. The easiest way to shatter that impression—likely forever—is to allow their data to be compromised in the form of a breach.
Why data security matters
- According to one recent study, credit unions and other smaller community banks have the second-highest fraud levels right now.
- The average loss of fraud has reached over $500,000 for most victims, which unfortunately shows no signs of slowing anytime soon.
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