ALEXANDRIA, Va. (Sept. 30, 2013) – On the eve of Cybersecurity Awareness Month, National Credit Union Administration Board Chairman Debbie Matz today reminded credit unions about the importance of fighting cybercrime and protecting online the personal and financial information of their members.
“We live in a world where individuals increasingly buy their groceries, book their trips and manage their credit union accounts online. As a result, the threat of identity theft and cybercrime continues to grow,” Matz said. “Credit unions must proactively put in place effective controls to protect against these cyber threats, and Cybersecurity Awareness Month is an ideal time for credit unions to review their information systems policies, practices and procedures.”
Cybersecurity Awareness Month starts Tuesday and runs through the month of October.
“Credit unions should also make cybersecurity an important part of their financial literacy efforts in October and all year long,” Matz added. “NCUA has a number of resources available on our consumer website, MyCreditUnion.gov, and our financial literacy microsite, Pocket Cents, to help credit unions begin these conversations with their members.”
Throughout October, NCUA will highlight ways credit union members can protect their personal and financial information on its consumer Twitter feed, @MyCUgov, as well as in the upcoming October issue of the NCUA Report. The agency will also regularly post tips and best practices on NCUA’s Facebook and Twitter pages that credit unions can use to make their electronic information systems and online engagements more secure.
Cybercrime is a growing concern for financial institutions and consumers alike. The Federal Bureau of Investigations’ Internet Crime Complaint Center received 289,874 consumer complaints of internet fraud and other cybercrimes in 2012. These crimes resulted in an estimated adjusted dollar loss of approximately $525 million.
Now in its tenth year, Cybersecurity Awareness Month is a national initiative sponsored by Department of Homeland Security, in cooperation with the National Cyber Security Alliance and the Multi-State Information Sharing and Analysis Center that raises awareness and educates Americans about cybersecurity, and increases the resiliency of the nation and its cyber infrastructure. For more information, visit www.staysafeonline.org.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.