WASHINGTON and MADISON, Wis. (10/19/09)--This week is National Protect Your Identity Week, and the Credit Union National Association (CUNA) is marking the event with a webinar Wednesday on identity theft fraud. The webinar, "Scammed, Spammed and Stung: Protect Your Credit Union and Your Members from ID Theft Fraud," will be at from 1 p.m. to 2:30 p.m. (CT). It is sponsored by CUNA Strategic Services, CUNA and three strategic alliance providers. Topics covered include:
* Anti-money laundering and fraud deterrence; * Network and information security; * Identity theft protection; and * Consumer education.
The week is sponsored by the National Foundation of Credit Counseling (NFCC) and the Council of Better Business Bureaus (CBBB), and supported by members of the Protect Your Identity Week Coalition, which includes CUNA. Many organizations will have educational events and document shredding activities to make consumers more aware of how they can protect their identity. NFCC notes that nearly 10 million Americans were victims of identity theft fraud in 2008--an increase of 22% over 2007. Last year financial institutions lost an estimated $4,800 per victim. It takes a victim an average of 44 hours to recover from identity theft. According to a report from Javelin Strategy and Research, low-tech methods are still the most popular method for identity thieves. Of the cases where consumers knew how their identity was compromised, stolen wallets and physical documents accounted for 43% of all identity theft, while online methods were responsible for 11% of theft.