When consumers have a choice, they’ll choose convenience over security. Criminals capitalize on this “here and now” behavior.
Add in the proliferation of digital services, and identity crimes are on the rise, said Laura Bruck, vice president of marketing, EZShield.
There are two identity crime victims every second, and these crimes cost nearly $17 billion in 2017.
Identity crimes all start when your information is exposed, Bruck said. This can be through loss of sensitive personally identifiable information, payment fraud, or identity theft.
Only a third of consumers take advantage of “free” credit monitoring services after a breach, and even fewer pay a monthly fee or renew that service.
Bruck asked, “As consumers, how do we get protection all the time?”
Credit unions can step in by leveraging their trust and strengthening loyalty.
“Consumers look to their financial institutions to be their data steward,” she said.