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Protect Your Youngest Credit Union Members from ID Theft and Fraud

written by: Alex VanHaasteren
Piggy bank and protection shield with check in middle

Identity theft and fraud affected one in 80 children this year, affecting nearly a million families, according to Javelin Research.

Those most commonly victimized were younger than 7 years of age, and typically involved downloading a game or app. Total resolution costs rose to a whopping $1,128 per household. The time households spent on resolving these fraud cases increased to roughly 16 hours per event.

Financial services providers are the first place parents look for assistance in these matters. Let’s give them what they want with a well-designed and educational website that makes it easy to find information that can help prevent members’ wasted time, money and stress.

According to Javelin, your credit union can act as first responders in helping to stem the tide of child ID theft and fraud. The think tank’s recommendations include:

  • Educating members consistently about child identity fraud and scam risks and what to do when they’re hit by one. While the dollar amounts and time for resolution have increased, the number of children affected has decreased, indicating that educational efforts are having a positive impact. Your website (make sure it’s mobile-friendly, too!) is a great place to start by incorporating information into your blog or even starting a page dedicated to providing educational materials on fraud. (It’s also great for SEO and builds trust that your credit union exists to serve your members!)
  • Offering ID protection services for the whole family has helped with the decline in the number of households affected, according to Javelin. Your credit union could also provide easily accessible information about how to freeze a child’s credit on your credit union’s website.
  • Boosting your credit union’s fraud and scam detection mechanisms, which helps to protect members and build trust.
  • Encouraging members to sign up for fraud alerts, so they can quickly know what’s happening with their account and act to minimize fraud.
  • Training your call center team to answer questions specific to ID theft and fraud and providing other resources where they can learn more. Be sure to include them on your website, too!

Credit union websites are an underutilized tool for helping members find their way to financial stability, including keeping them up to date on the latest cybersecurity trends like stealing children’s identities to commit fraud. Many probably don’t even think about it until it’s too late, but your credit union can be there for your members to protect their families and build trust along the way. Be sure your website is super simple to update with the latest information. 

In addition to sharing actionable information with parents, you can also communicate directly with your younger members. Of course, you want to make education fun for kids, too. The Dollar Dog Kids Club account is a perfect resource to offer to your youngest members. Dollar Dog will teach them basics of budgeting from our cash-conscious canine through games and coloring pages. For your teen members who are just learning about the importance of credit, your credit union can give them a leg up with Cha-ching

uncommn can help build a high-impact website that’s easy for members to navigate and simple for your team to update. That way your credit union can reach more families and children to keep their financial futures safe and secure from cyberthieves. Get uncommn to learn more.

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