ONTARIO, Calif. - The California and Nevada Credit Union Leagues recently signed a strategic partnership agreement with Vero, a provider of identity theft and data breach protection and recovery services to the credit union industry.
Vero says its flagship solution, IDProSelect, is a "fully managed" identity theft recovery service that works on behalf of credit unions members and also protects the institution from data breaches. The service also helps CUs comply with data breach regulations and risk mitigation initiatives, the company said.
According to the CCUL/NCUL, the partnership with Vero provides credit unions in California and Nevada with a "resource to protect their institution from data breach events." In addition, CUs will be able to provide an identity theft solution with restoration services for their staff and board of directors at no cost.
The leagues said access to Vero means the monthly costs for their credit unions to deal with data breach events and provide identity theft solutions to members will be minimized with a "maximum value proposition" to enhance member loyalty. League staff also will be able to use the organization's IDProSelect, which helps recover credit union members from any form of identity theft or fraud events, including medical, financial, tax, credit card, and Social Security fraud.
"We are committed to assisting California and Nevada credit unions and their members combat the growing threats of data breaches and identity fraud," Tonja Wheatley, vice president of credit union solutions and membership for the CCUL/NCUL, said in a statement. "Vero's expertise with its identity recovery services as well as its focus on credit union industry solutions makes the company a great fit with our member credit unions."
Jim McCabe, Vero's senior vice president of ID theft services, said credit unions are in need of a solution that "truly helps the members in these times of unending breach announcements."
"Unfortunately, breach events are not going to end, with advancing technology and data mobility creating more ways for both institutions and members to be attacked," he said. "Joining forces with the Leagues allows our message of support to reach more credit unions, which are also in need of their own breach protection and a means to generate non-interest income to bolster security measures inside and outside the credit union walls."
The California and Nevada Credit Union Leagues represent more than 300 credit unions in both states, and their more than 10 million members.
Vero, headquartered in Scottsdale, Ariz., is owned by Ontario, Calif.-based CU Direct. In addition to the identity theft and fraud services, Vero offers three vehicle aftermarket solutions: GAP insurance, roadside protection and extended service contracts.