NASHVILLE, Tenn. -
Credit unions need to guard against these new exposures and have a plan to guide them before, during and after such crimes, according to Michael Petrone, CUNA Mutual Group risk manager, and Tom Lyons, VP-security with Navy Federal Credit Union, who have 35 years of combined experience in risk management.
Petrone and Lyons spoke to CUNA Mutual Discovery Conference here. According to both experts, while cash used to be the motivator, today crooks understand stealing account data can be more profitable over the long run.
"Criminals also recognize they no longer have to victimize senior management to get what they want. They can target people lower in the organization who don't have access to cash but do have access to valuable account information," Lyons said.
Financial institution employees with drug, gambling, debt or criminal history issues are often targeted by crooks who want confidential data to perpetrate identity theft.
Employees cooperate to repay a debt or support their habit.
"It's very important to know your employees and which of them could be potential targets of cyber crime," Lyons said.
Similarly, robbers are now using cell phones to communicate the arrival of law enforcement and establish rendezvous sites.
