Press

Data breach fatigue – an opportunity for excellence

SOUTHBURY, CT (January 23, 2014) — As consumers are experiencing “data breach fatigue” their biggest concerns are still what to do and where to go for help.
You do not want your customers or members “Googling” for help and advice every time there is a new breach or other fraud warning. You are considered the expert and people will naturally go to you first when looking for answers. You should take these opportunities to exceed their expectations with know-how and support and turn a bad situation into something positive. Your reputation could be at stake.

The types of information consumers are looking for goes beyond the news of the day. A credit card data breach requires diligence in a range of subject matter that can include:

An alert about any data breach as soon as it’s confirmed.
Contact info for credit bureaus and reporting agencies
Steps to take after a data breach
Identity theft prevention tips
Where not to use debit cards
How to stay safe when traveling

Data breaches are going on every day with credit breach fraud increasing by 340% from 2010 to 2012. Target is one of the best prepared companies and if this happened to Target it could happen to everyone else. The significant amount of data breach activity affecting the card industry in recent months has generated an increase in socially engineered fraud scams aimed at consumers.

A rise in consumer fraud will occur as consumers suffer ‘data breach fatigue,’ and show less interest in protecting themselves against fraud and identity theft. Criminals are taking advantage of vulnerable consumers by leveraging Phishing, text and phone channels to trick them into providing personally identifiable information.

Are you prepared to be the all-in-one stop to offer the best resources to continually educate and alert your customers and members? Together with eFraud Prevention, you will make life more secure. Education can prepare everyone to identify and avoid risks both in cyberspace and in the real world.

Here is a list of other recommendations in the wake of these massive data breaches:

Call centers:

Fraudsters are dialing into financial institution call centers and representing themselves as fellow employees to gain valuable account information. These calls may be originating from India and the callers are incredibly pushy and aggressive.
Call center and local personnel should be coached on how to properly identify a colleague to prevent the exposure of confidential information to unauthorized individuals.

Consumer education:

Make your communication channels known to your customers so that they can differentiate between legitimate contact and suspicious contact.
Publish details of localized scams via online banking websites. Scam alerts can be powerful tools in educating your client base.
Paper versions of scam alerts should be posted on teller lines for those customers who prefer to bank in person.

About eFraud Prevention™
As part of the global effort to combat fraud, eFraud Prevention™ operates a low-cost subscription-based awareness initiative for financial institutions. A free service for consumers provided by financial institutions, eFraud Prevention is the only one of its kind that integrates with Web Sites, Facebook, Twitter, mobile sites and apps.

For over 9 years, eFraud Prevention™ has been helping banks and credit unions successfully educate their customers and members. Services provide support for credit union Presidents, CEOs, CFOs, Marketing, Compliance, Trainers, IT and Customer / Member Relations Personnel. Reducing costs while increasing value are just a couple of the benefits to outsourcing with eFraud Prevention.

Credit Unions interested in learning more about eFraud Prevention™, can visit http://www.efraudprevention.com