Removing Barriers Blog

CUNA Participates in Joint Webinar on Fraud Loss Mitigation Following Data Breach
Posted September 21,2017 by CUNA Advocacy

CUNA joined with CUNA Mutual Group and the Financial Services Information Sharing Center (FS-ISAC) Thursday for a webinar on how credit unions can deal with the fallout after a data breach. The webinar, which was attended by more than 1,300 credit unions, followed news earlier this month of a major breach affecting as many as 143 million consumers. 

FS-ISAC is an industry forum for collaboration on critical security threats facing the global financial services sector, of which CUNA is a member. “Many members of CUNA are also members of FS-ISAC because they understand that information sharing is critical to staying ahead of cybercrime,” said Bill Nelson, CEO of FS-ISAC.  “FS-ISAC partnered with CUNA and CUNA Mutual to present this Equifax data breach webinar to all credit union members and we encourage further participation in FS-ISAC’s Credit Union Council, an information sharing group tailored just for credit union members.”

The webinar also addressed best practices for credit unions, which include:

  • Analyzing the risk of data that may have been taken in the breach, which could include names, addresses, phone numbers, email addresses, identification numbers, payment card information, usernames and passwords;
  • Recommending members place a security freeze on their credit reports at all 4 credit reporting bureaus, Equifax, Experian, Innovis and TransUnion; 
  • Recommending members place a fraud alert on their credit reports. Members can contact one of Equifax, Experian or TransUnion and request the information be passed to the others. Innovis must be contacted separately. Fraud alerts requires potential creditors to contact the consumer an obtain permission to open new accounts or lines of credit; 
  • Recommending members check credit reports annually; and 
  • Recommending members sign up for free credit monitoring offered by an organization post-breach. 

A recording of the webinar is available via this link!