Financial Institutions Hoping To Keep Up With Identity Thieves - WBAY

Financial Institutions Hoping To Keep Up With Identity Thieves

Updated:
Appleton -

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.

  • Action 2 NewsMore>>

  • Rebuilt New London Church Open For Easter

    Rebuilt New London Church Open For Easter

    On August 7th of last year, a record six tornadoes ripped through areas in Northeast Wisconsin. Trinity Lutheran Church in New London had its roof torn off and one of the tornadoes leveled parts of their building. This Easter Sunday is very special for the people who worship at Trinity Lutheran Church here in New London. Their church was leveled to the ground when tornadoes ripped through this part of Wisconsin back in August of last year. People had to bring lawn chairs and set them up in th...More >>
    On August 7th of last year, a record six tornadoes ripped through areas in Northeast Wisconsin. Trinity Lutheran Church in New London had its roof torn off and one of the tornadoes leveled parts of their building. This Easter Sunday is very special for the people who worship at Trinity Lutheran Church here in New London. Their church was leveled to the ground when tornadoes ripped through this part of Wisconsin back in August of last year. People had to bring lawn chairs and set them up in th...More >>
  • Wrightstown Fire Damages Barn

    Wrightstown Fire Damages Barn

    A fire damaged a barn early Sunday morning in southern Brown County. Fire fighters were called to the 2700 block of Popular Street in Wrightstown just after 1 a.m..Crews on scene were able to contain the fire in about an hour. No injuries were caused by the fire. The extend of the damage and the cause of the fire are both unknown.More >>
    A fire damaged a barn early Sunday morning in southern Brown County. Fire fighters were called to the 2700 block of Popular Street in Wrightstown just after 1 a.m..Crews on scene were able to contain the fire in about an hour. No injuries were caused by the fire. The extend of the damage and the cause of the fire are both unknown.More >>
  • Dying Appleton Teen's Wish Becoming Reality in Houston

    Dying Appleton Teen's Wish Becoming Reality in Houston

    A former Appleton family is celebrating an exciting year ahead, despite the tragedy it began with.In 2009 Dan Kenneavy died after battling Osteosarcoma, a form of bone cancer.The Appleton teenager and his family traveled to MD Anderson Cancer Center for treatment.The teen's final wish was for his family: To create a home and support program for young adults battling cancer.Now, just a few miles away from MD Anderson, Dan's wish is moving in.A groundbreaking was held a few weeks ago for Dan's ...More >>
    A former Appleton family is celebrating an exciting year ahead, despite the tragedy it began with.In 2009 Dan Kenneavy died after battling Osteosarcoma, a form of bone cancer.The Appleton teenager and his family traveled to MD Anderson Cancer Center for treatment.The teen's final wish was for his family: To create a home and support program for young adults battling cancer.Now, just a few miles away from MD Anderson, Dan's wish is moving in.A groundbreaking was held a few weeks ago for Dan's ...More >>
Powered by WorldNow
  • 115 S. Jefferson St. Green Bay, WI 54301
  • Email: wbay@wbay.com
  • Phone: (920) 432-3331
Powered by WorldNow

All content © Copyright 2000 - 2014 Worldnow and WBAY. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.