Financial Institutions Hoping To Keep Up With Identity Thieves - WBAY

Financial Institutions Hoping To Keep Up With Identity Thieves

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Target's data breach is generating more conversation about identity theft crimes.

"While this has been a shock for people because Target is such an iconic brand and it has brought it to their attention the fact is the identity theft resource center (my organization) tracked over 600 breaches in 2013," said Eva Velasquez President and CEO of Identity Theft Resource Center.

"It is very difficult, the fraudsters are getting better at this and we need to get better at our fraud analytics," said David Thone, Vice President of Internal Operations at Fox Communities Credit Union.

In the wake of this news, Target says that over the next three months they will give customers the opportunity to enroll in identity theft and credit monitoring, but financial experts say the best protection against this type of fraud is the consumers themselves.

"You can rely on your financial institution and you are only as good as your financial institution, or yes please be proactive do what you can protect yourselves from these harmful things that can happen," said Thone.

As the number of financial fraud crimes grow, it's taking a toll on banks and credit unions.

"A lot of those expenses fall back directly on the financial institution. There isn't a magic fraud bucket that we pull that out of. Those local financial institutions bear the costs of a lot of this fraud that happens," said Thone.  

The financial industry is keeping a close eye on any new details in the Target case hoping it can provide a clue in how to stay a step ahead of the criminals.

If you're a victim of fraud, or you would like some resources, visit the Id Theft Resource Center Website or call 888-400-5530.

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