Media Contact: Barbara Fornasiero; EAFocus Communications; barbara@eafocus.com; 248.260.8466
Wyandotte, Mich. — October 16, 2024 — Financial institutions like Michigan Legacy Credit Union have answered the call to innovate by implementing video tellers and integrating digital interactions with their members regularly; however, the credit union’s president and CEO Carma Peters says these advances underscore the importance of promoting safety to reduce the risks associated with connecting online and using connected devices to transact daily life. In recognizing October as Cybersecurity Awareness Month, Peters reflects on Michigan Legacy’s ongoing campaign to educate members in this electronically connected world.
“In 2022, Michigan Legacy launched a program with Wayne State University’s Institute of Gerontology to help vulnerable members recognize financial exploitation and fraudulent activity. More recently, we’ve implemented multi-factor authentication on member accounts and continue to encourage use of the online billing payment app, Bill Pay, which helps thwart fraudulent activity by allowing users to pay bills safely through one secure portal, as opposed a variety of digital payment services.”
The National Cybersecurity Alliance, along with CybSafe, has annually provided an international snapshot of people’s cybersecurity activity in the Cybersecurity Attitudes and Behaviors Report. In its latest 2024-2025 findings, certain data points indicate troubling gaps in maintaining cybersecurity:
- Training to protect against cyber scams and strengthen cybersecurity doesn’t appear to be adequate for changing people’s overall behavior long-term.
- Gen Z and Millennials, who exhibit higher confidence in recognizing cyber threats, are also reporting increased rates of cybercrime victimization.
- Frustration with security measures has begun to reduce the number of people taking responsibility and action for their safety.
“We can’t take our eye off the ball in addressing deficiencies in cybersecurity. It’s a complex problem and an ongoing effort,” Peters said. “Threats have evolved and become more creative and sophisticated, and everyone needs to work together. We are also seeing threats more targeted to younger generations. It’s not a singular undertaking or disproportionately geared to older people; cyber threats impact all socio-economic levels, all ages, and all market sectors.”
12 ways to protect yourself from cyber crime
From identity theft, imposter scams, phishing, ransomware, and tech support scams to fake online shopping websites, investment scams, social media scams, and data breaches, cyber threats can seem overwhelming. Peters recommends reviewing the Michigan Credit Union League’s 12 tips to strengthen your security:
- Turn on Multi-Factor Authentication (MFA)
- Do all offered software updates
- Be suspicious of links and attachments – take a moment to actually look at the link’s origin; contact your financial institution if you’re wary of a link or phone call
- Don’t use the same password over and over – passwords should be a minimum of 12 characters and not resemble real phrases or words
- Use a password manager to create safe passwords AND remember which password manager is used
- Secure your Wi-Fi/don’t share sensitive information over public Wi-Fi
- Backup your devices regularly
- Check your privacy settings
- Browse, buy and post safely
- Lock your devices – use a PIN, password or facial recognition/thumb authentication
- See a phish, report a phish – Let others know if you receive a phishing message at work or school; if it’s on a personal number or account, delete and block
- Stay educated
What to do if you’re breached
If you’ve fallen for a cyber scam, Peters suggests the following critical steps:
- Be quick and take action immediately
- Change all your passwords
- Remove any malicious software
- Contact your financial institution and credit card companies to address any fraudulent charges
- Freeze your credit reports by contacting the three credit reporting agencies
- Report the incident to local law enforcement for further investigation and help
- You can also report the incident to the Federal Trade Commission (FTC) at ReportFraud.ftc.gov, the Federal Bureau of Investigation’s Internet Crime Complaint Center, and the U.S. Postal Inspection Service.
“Bringing attention to fraudulent online tactics as well as defensive measures to make people less vulnerable is the goal of Cybersecurity Awareness Month. While the challenges won’t vanish, it’s good to know that we can equip individuals, businesses and organizations with proactive steps to be more resilient to these threats,” Peters added.
About Michigan Legacy Credit Union
Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.
###
