What’s Keeping Your Members Up at Night?

Halloween may be over, but one terrifying threat is sending chills down the spines of credit union members all year long.

Over the past few years, identity theft has become a rapidly growing concern for many consumers, especially as their reliance on digital infrastructure continues to rise. It’s also an issue credit union leaders everywhere are thinking about as they strategize ways to help members keep their data secure.

A recent Credit Union Times article written by Strategic Link partner VERO highlights some illuminating statistics on this topic, according to a recent study of consumers by Beneson Strategy Group:

  • Respondents’ top concern was identity theft, with 76% indicating they are “worried” and 34% indicating they are “very worried” about an event.
  • 90% of consumers believe becoming a victim of identity theft or cybercrime is something that can happen to them at any time.
  • 49% of survey takers believed their lives would significantly change by becoming victims of identity theft or cybercrime.
  • Fear of identity theft surpassed respondents’ other top worries, including getting a severe illness or injury, being in a car accident, or having their home robbed.
  • 50% of all respondents indicated they wouldn’t know where to begin to protect themselves from becoming a victim or how they would resolve an identity theft event.

What’s worse — an Identity Theft Resource Center report notes that the emotional and psychological impact of identity theft is devastating, revealing “10% of victims said they considered suicide.”

So, as trusted financial partners, what can credit unions do to help?

Chris Carnicelli, CEO of Generali Global Assistance, perhaps answers this best by stating, “Consumers are looking for an ID theft hero that can provide them with comprehensive protection before an incident occurs and help save the day when their identity is compromised. To find that hero, they’re turning to the institutions they already trust to protect their sensitive data for guidance as well as comprehensive ID theft and cyber protection services.”

There is a significant opportunity here for credit unions. Solutions are available to provide members, via a credit union’s core services, precisely what they are looking for in the way of protection, safety, and peace of mind.

Vero’s solution, IDProSelect, for example, helps protect both credit union employees and members from financial and nonfinancial identity theft with fully managed ID theft recovery. It provides several services that comply with state and federal laws, including identity theft reimbursement insurance, recovery for up to three generations of an account holder’s family, credit monitoring, rapid credit alerts, dark web monitoring, and more.

Armed with the right tools and expertise, there’s a lot credit unions can do to alleviate their members’ concerns while strengthening relationships and fostering loyalty. To learn more about Vero’s services and solutions, contact the Strategic Link team.

Posted in Business Solutions, Strategic Link.