Credit unions are investing billions in security and compliance, and it’s not looking to slow down over the next year.

According to CUTimes, identity crimes are modern-day bank robberies, and highly profitable ones at that. Once a cybercriminal is in possession of a member’s personal data, it can be used over and over in various combinations. Even though investments in information security products and services have been on the rise, cybercriminals are still attacking any organization they can to gain access to valuable consumer data.

Financial services companies get attacked over a billion times each year. That breaks down to about 30 attacks every second. System glitches were tagged as the culprit for 27% of breaches and 23% were the result of negligent employees. In sophisticated automated attacks, cybercriminals imitate human interaction by running advanced software scripts that display common browser or application behavior, making the attack harder to detect. Which is why Sharetec provides “real-time” fraud monitoring. Our fraud system is actively on the look-out for suspicious activity.

Sharetec’s Fraud Alerts will notify you if a fraudulent situation is uncovered, whether it be during a member search, a member transaction, new member enrollment, new share or loan openings, or batch postings.

This year, as you invest in more (and better) technology, make sure you reach out to Sharetec!