WASHINGTON--The White House issued a new Executive Order Friday outlining a national strategy to combat cybercrime, scams, and other forms of fraud targeting consumers and financial institutions. The order is primarily a law enforcement and national security directive and does not impose new obligations on credit unions, America's Credit Unions said.
“Fraud and scams are a serious concern for consumers and credit unions. Americans reported losing more than $12 billion to cyber-enabled fraud last year alone, underscoring the scale of the challenge facing families and financial institutions alike,” said America’s Credit Unions President/CEO Scott Simpson. “The president’s new Executive Order reinforces how critical it is that we work together across industries, agencies, and departments to combat fraud and cybercrime, including the transnational scam networks targeting Americans. Credit unions are relentless in our advocacy to advance policy solutions that protect people and hold bad actors accountable.
“We've been engaged with the government, notably in congressional testimony this past week and participation in the Government Accountability Office's (GAO) new report on cybersecurity, to offer credit unions' perspective and recommendations for solutions on these issues,” he added. “We look forward to continuing to work with the Administration, Congress, and regulators to strengthen our defenses and give Americans greater confidence in their financial security."