LAS VEGAS — Offering members credit monitoring after a data breach is akin to a smoke alarm defense to fraud — the fire has already started.
That was the message from Jim McCabe, SVP identity theft services for Vero, a CU Direct company. McCabe said Vero offers credit unions products and services that go well beyond after-the-fact credit monitoring:
- ID Recovery Pros — sold individually to members, but protects the member's entire family with identity theft coverage. The boxed kit and membership card carries the credit union's name and branding.
- IDProSelect — gives data breach and fraud protection to credit unions, and extends to all members, employees and their families.
- VBiz — lets CUs offer data breach and fraud protection to small business commercial account holders.
"Our solution is based on restoration and recovery," said McCabe. "We put out the fire."
Instead of requiring the member to do all the legwork to get back to "pre-victim status," he said Vero restores the member through certified "recovery advocates."
"We professionally restore and recover them from any form of identity theft, financial and non-financial. The advocates have extensive certification and licensing, they have expertise, and they have relationships at all levels of government and at all three credit bureaus to speak on behalf of victims."
All of these products are non-interest income generator for CUs, McCabe reported. Vero typically sees 80% to 90% of a given credit union's members participating in the program, up to 95%. "Because of that high percentage of participation in our program, the credit union achieves a great revenue stream."
Vero, headquartered in Scottsdale, Ariz., is owned by Ontario, Calif.-based CU Direct. In addition to the identity theft and fraud services, Vero offers three vehicle aftermarket solutions: GAP insurance, roadside protection and extended service contracts.
