Press
Why education is better than technology
SOUTHBURY, CT (February 21, 2014) — Our growing dependence on the Internet is evident all around us. From smart phones and online banking to electronic health records and social networking, our Nation increasingly relies on cyberspace. The need for a safe and secure cyberspace has never been more important. While there is no doubt that technology has changed the way we live, work, and play, there are very real threats associated with the increased use of technology and our growing dependence on cyberspace.
Education is the only way to prepare everyone to identify and avoid risks both in cyberspace and in the real world. Technology is not working and can’t catch up. Armed with the right knowledge, almost anyone can recognize a fraudulent scheme.
Why Education is Necessary
1. Fraudsters are becoming ever more sophisticated at impersonating trusted organizations.
2. Having the details of a scam as it approaches you will keep consumers safer.
3. Criminals are always looking for new ways to trick consumers.
“Employee and customer education is the key…the problem many institutions face, however, relates to lacking resources and dedicated support for truly integrated educational campaigns and programs” ~ Nancy Guglielmo, BITS
“An educated, aware, and well-equipped customer provides one of the most effective lines of defense. I had several family members who suffered from both fraud and attempted fraud over the holidays; in one case, a family member closed his account. It seems that some customers have “gut reactions” to fraud events that can be damaging to your business, so it is critical to equip your customer-facing teams to be trained and empowered to handle customer concerns. This training should be delivered not only as a onetime event, but also as part of on-going fraud awareness education. In addition, an educated, aware, and well-equipped customer provides one of the most effective lines of defense.” ~ Mary Ann Miller, Actimize Inc. Blog
“Consumer education is critical”…”Publish details of localized scams via online banking websites. Scam alerts can be powerful tools in educating your client base.” ~ 2013 Fair Isaac Corporation (FICO)
Additional Technology Concerns:
1. Liability – Who is to blame if the technology fails?
2. Technology is not 100% secure – Target is one of the largest and best prepared companies and if their technology got hacked. So far there has been no fail safe technology that hasn’t been hacked or socially engineered.
3. Market pressure – Promising technology is too new and not tested.
4. Multiple-factor authorization – Reporting must happen fast otherwise the system can be compromised.
5. Data Breach fatigue – Rise in consumer fraud will occur as consumers suffer ‘data breach fatigue,’ and show less interest in protecting themselves against fraud and identity theft.
6. More Vulnerabilities – With millions of devices connected to the Internet—and in many cases running an embedded operating system—in 2014, they will become a magnet for hackers. Security researchers have already demonstrated attacks against smart televisions, medical equipment and security cameras.
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 10 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