CREDIT UNION NEWS 

Identity Theft: You Have a Lot to Lose

Armed with little more than the name, address, birth date, and Social Security number of a completely unknowing person, thieves are illegally obtaining credit cards and access to checking accounts. Others use their newfound identities to apply for employment, an auto loan, or a driver’s license or even to commit a serious crime. Worse, that unknowing person might be you.

Consumer advocacy groups, such as the Privacy Rights Clearinghouse in San Diego, are receiving an increasing number of requests for help from victims of a crime that most law enforcement officials call identity theft.

For victims, the nightmare might begin when someone steals a wallet or check. Or when someone pilfers financial or other records with identifying information from a trash can. Or it might occur when the perpetrator legally obtains credit bureau records while working for a credit grantor (a financial institution, auto dealer, insurance company).

The lengthy process victims endure to untangle the web of fraud is draining both financially and psychologically.

So, what have you got to lose?

* Access to credit. A bad credit rating can virtually prohibit you from getting a credit card or any type of loan.

* Use of your checking account funds. You’re likely to show up as a bad risk on retailer’s check verification systems.

* Employment opportunities. A damaged credit report or driving record could take you out of the job market.

* Work time. With passage of the Identity Theft and Assumption Deterrence Act of 1998, victims finally have a federal law that gives them the right to file police reports and recoup damages. But it takes time to be persistent and assertive in clearing their names.

* Money. Costs can mount when you retain the services of legal counsel.

Report any suspected identity theft to OLCU as soon as you realize it has occurred. And visit the Federal Trade Commission identity theft Web site (www.ftc.gov/bcp/edu/microsites/idtheft) to view a copy of its publication, "Take Charge: Fighting Back Against Identity Theft."

Your Credit Union: It’s a Family Affair

At Organized Labor CU, when you become a member, your family members also can become members. It’s one of the many ways the people you know and care about can benefit from the great financial services you’re receiving from OLCU.

If you enjoy the low loan rates and fees, convenient, friendly services, and higher savings rates you get from your credit union, share us with your family. Credit unions are member-owned nonprofit financial cooperatives dedicated to improving members’ lives.

Your spouse, children, and parents all can join because you currently are a member. Help improve your family’s financial lives today--encourage them to become members of Organized Labor CU.

Tip: Keep PINs Private

Personal identification numbers (PINs) are everywhere. They enable users to access automated teller machines, make purchases with their debit cards, shop from home, and even unlock their car doors. For each access, it makes sense to choose the same number--which means something to you, but not to anyone else.

But, remember, that increases your vulnerability should you divulge or lose your PIN. Never carry your PIN with you or write it on your card, and don’t divulge it to anyone outside the family.

Online Security Program Enhances Safety

Visa U.S.A. has an online security program called "Verified by Visa" that adds safety and reassures that only you can use your Visa card online. The voluntary service allows you to add a personal password to your existing Visa card. When you make purchases at participating online stores, you’ll validate your identity by entering your password on a special Verified by Visa window.

Currently, not all Visa cards are eligible for Verified by Visa. Check www.visa.com/verified for a list of all participating issuers. You can register your card through either a participating merchant, at www.ezcardinfo.com, or at Visa’s Web site.

Once Verified by Visa is activated, your card will be recognized when you make purchases at participating online stores. A special window will pop up asking for your password, your identity will by verified, and the transaction will be completed--it’s as simple as that.

Service in your Slippers

You’re ready for bed. All of a sudden you remember that you forgot to go to the credit union. Don’t worry about it--just hop on your computer.

We offer 24-hour online banking. This means you can do most of the stuff you normally come to the credit union for from the comfort of your home.

Log on to our secure site; you might be surprised by the services we offer online. And for more information about how to get service in your slippers, contact the credit union.

Credit Unions: Safer Than Ever

Credit unions are safer and sounder than ever.

Credit union capital is near an all-time high. Capital--reserves plus undivided earnings--is the safety cushion that protects against loss. It allows credit unions to survive recessions or turbulent financial markets. The movement-wide net worth-to-asset ratio remains close to record highs, at 11.4%, according to the Credit Union National Association, Inc. in Madison, Wis.

Credit unions’ strength means a strong National Credit Union Share Insurance Fund (NCUSIF)--the federal deposit insurance fund that guarantees the safety of member savings.

OLCU is strong because you, our member-owners, are in control. You demand good member service. According to studies by Consumer Reports and ForeseeResults.com, credit unions ranked higher than banks in terms of customer satisfaction with credit cards and online banking options.

You demand favorable rates and fees. Credit unions remain the low-cost, high-return providers of products and services.

It’s member leadership that makes our credit union and other credit unions so successful. Thanks for another great year. And here’s to many more.