Nassau Educators Federal Credit Union announced that it will be the first credit union in the state of New York to provide comprehensive identity theft education and premium personal victim resolution services free to its 100,000-plus members. "Working with CyberScout, Nassau Educators Federal Credit Union has implemented a creative and groundbreaking program that offers our members proactive consumer education about identity theft risks and defenses and first-class one-on-one victim assistance," said Edward P. Paternostro, President and CEO of Nassau Educators Federal Credit Union.
The Federal Trade Commission (FTC) reported that almost 10 million Americans were victims of identity theft in 2004. According to a new study released on June 20 by CyberScout, identity theft in New York State increased by almost 40% during the last 2 years.
"Our research indicates that an estimated 800,000 New York residents (4.2% of the population), representing one in nine households in the state (11.5%), were victimized by identity theft in 2004," said Steve Christenson, President of CyberScout.
According to the CyberScout study, identity theft cost New York enterprises and victims nearly $6 billion and more than 42 million hours in victim resolution in 2004. "Identity theft losses in the state are 9.3 times higher than the aggregate losses from burglary, larceny theft, and motor vehicle theft," said Christenson.
"The mission of Nassau Educators Federal Credit Union has always been to provide the highest level of personal service and intrinsic value for our members," said Paternostro.
"Victims of identity theft are often consumed by the countless hours required to restore their good name and credit reputation. We want our members and their families to feel more secure in the face of this rapidly-evolving crime. As a financial institution deeply rooted in the educational community, and as an organization that cares about its members, we believe that the best solution is for us to give this service to our members. In doing so they receive personal and professional assistance, while experiencing little out-of-pocket expense if victimized.," said Paternostro.
"We looked for a company that provides true resolution, a company that shares our philosophy of unparalleled personal service," continued Paternostro. "CyberScout is the nation's premier identity theft education and resolution provider. We like the fact that CyberScout is not a 'call-center' operation, but rather a company filled with highly experienced fraud resolution specialists working with victims one-on-one until their name and credit files are restored to the point they were before the identity theft occurred," said Paternostro.
"Identity theft is pure financial terrorism. It is a major threat to the financial security of all New Yorkers, indeed, all Americans," said Adam K. Levin, Chairman of CyberScout and former Director of the New Jersey Division of Consumer Affairs. "There is a bright white line in the United States between those institutions that educate and defend their constituents against the disastrous impact of identity theft, and those that use the crisis for pure financial gain. As the first credit union in New York to provide blanket identity theft education and resolution to its members at no cost, Nassau Educators has demonstrated that they recognize the need to bring a comprehensive solution to their members to combat the identity theft threat New York residents face," said Levin.
CyberScout Victim Resolution and Education Services The CyberScout victim resolution service provides:
- A personal advocate who works with the victim one-on-one until the crisis has been resolved
- Systematic notification of agencies, businesses and institutions
- Comprehensive case file creation
- Preparation of all needed documents
- Credit reports from all three credit bureaus
- Fraud alerts and consumer education
- One year of credit monitoring and fraud monitoring
- A full year of follow-up alerts, phone calls, and status checks to avoid recurrence
In addition, the consumer education component provides members with ongoing fraud alerts, a monthly newsletter, and a dedicated website with articles, interviews, and white papers covering all aspects of this crime.
