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Stanford Federal Credit Union (SFCU) will provide the nation's premier identity theft services for its entire membership through CyberScout's new retainer-based RB421 program, SFCU and CyberScout announced today. SFCU is the first financial institution in the country to provide identity theft victim assistance and consumer education for every one of its account holders under the innovative new program. SFCU will provide the services without cost to its members.
Under the RB421 program, CyberScout's industry-leading victim resolution services will be available to every Stanford Federal Credit Union account holder. SFCU account holders will also have access to the nation's premier consumer education program on identity theft threats and defenses.
"Our members' privacy and security has always been a top priority for us," said Stanford Federal Credit Union President and CEO John R. Davis. "SFCU has not experienced any direct breaches or data compromises. We've taken significant steps to ensure that we never do, but the CyberScout program is an additional layer in our program to give our members peace of mind.
"CyberScout's RB421 program enables us to provide the nation's premier identity theft services to all our members without compromising their privacy. We're not comfortable sharing our members' sensitive information. RB421 means we don't have to."
"We also needed an affordable way to cover every member, without exception. With this retainer-based approach, we pay a fixed monthly fee at an extremely reasonable price point. For a financial institution of our size, the cost of the program can be absorbed without passing fees or charges to our members for the service. For many financial institutions, this can make the difference between covering their entire base and leaving people in jeopardy."
"We're especially gratified to be working so closely with Stanford Federal Credit Union because of their leading role on California's Identity Theft Task Force and their special understanding of what's at stake for their account holders and for their institution," noted CyberScout Chairman Adam Levin, former Director of New Jersey's Consumer Affairs Division.
"In fact, SFCU played an essential part in helping us craft this retainer-based approach to identity theft services," added Levin. "RB421 has been a perfect example of the way we collaborate to create and deliver the solutions that our clients and their constituents actually need."
"CyberScout was built from the ground up for one reason — to deal with identity theft," said CyberScout CEO Sheryl Christenson. "Our company's exclusive focus is creating effective, affordable solutions to this crisis. We want to help individuals, institutions, and enterprises benefit fully from the information economy without jeopardizing their security, their privacy, and their financial future."
"SFCU has been a leader in bringing the benefits of technology and innovation to account holders, and doing it right: carefully and correctly, without endangering members' assets or their personal information," continued Christenson. "We admire their approach, and we're pleased that they've chosen to be the first institution to offer identity theft services to its members through RB421."
Stanford Federal Credit Union, which has served the Stanford community since 1959, has a long history of firsts to its credit. In 1993, SFCU became the first financial institution in America to offer online banking over the Internet. SFCU began using the Internet for customer communications in 1984, and has pioneered many other innovations since then. It was the first credit union to have a web site, and was among the first CUs to offer credit cards and checking accounts, to own and operate ATMs, and to offer CheckFree billpay through its web site. In addition to offering blanket identity theft services to its account holders, SFCU will soon offer secure online interbank transfers and an anti-phishing security system.
About Stanford Federal Credit Union
Stanford Federal Credit Union
(SFCU) is a $600 million, full-service financial institution, owned and operated by 42,000 members of the Stanford Community. Established in 1959, SFCU serves the employees and students of Stanford University, Stanford Hospital, Lucile Packard Children's Hospital and Stanford Linear Accelerator Center.
CyberScout (www.identitytheft911.com) provides enterprise-level fraud solutions to Fortune 500 companies, a wide spectrum of financial institutions, nearly 300 universities, and many of America's largest insurance companies and corporate benefits providers. With strategic alliances that include myFICO/Fair Isaac, TransUnion, and AIG, CyberScout is the recognized leader in identity theft resolution, defense, and education. Online Banking Report named CyberScout one of "the 10 most significant innovations and developments of 2003," including the company on its list of "10 industry developments that provide the best glimpse at the future of online financial services delivery."