SOURCE: Technology Credit Union

January 19, 2007 13:04 ET

Technology Credit Union Launches First Annual Shred Day

Silicon Valley Credit Union Takes Important Step in Helping Members Avoid Identity Theft

SAN JOSE, CA -- (MARKET WIRE) -- January 19, 2007 -- As part of its ongoing efforts to educate its members on how to protect themselves against identity theft, Technology Credit Union (Tech CU) hosted a free "Shred Day" event for its members and employees on December 5, 2006. Tech CU provided access to a secure shredder truck at its San Jose Financial Center, located at 2010 North First Street (at Brokaw Road), allowing individuals to shred unwanted confidential documents, including financial statements, canceled checks, credit cards and tax information.

As a result of the strong response to the event, Tech CU will make this a semi-annual event, with the shredder truck rotated among the credit union's nine Financial Centers for added member convenience. "The overall response to our Shred Day was very positive and confirmed the need for programs like this," stated Ken Burns, President and CEO of Tech CU. "We know that identity theft is a major concern for people today, and having a way to dispose of confidential documents safely provides needed peace of mind." Tech CU member and Shred Day participant Gloria Jaquez agreed, "The service at Tech CU is the best!"

Tech CU attributes the popularity of the pilot program to increased awareness and concern about identity theft and online fraud. According to national police statistics, as stated in Connection Newspapers(1), the areas that provide the greatest amount of risk for identity theft are credit cards, 33%; phone and utility data, 21%; bank information, 17%; employment-related documentation, 11%; loan information, 6%; and other, 12%.

Shred Day is just one example how Tech CU works hard to protect its members from identity theft and other types of account fraud. In November 2005, Tech CU became one of the first financial institutions in the region to successfully implement Two-Factor, Two-Way Authentication and convert 100% of their Online Banking users to the new system. This added security layer provides members with a more secure online login to prevent phishing, spoofing and other online fraud. The credit union also plans to begin offering members two different types of identity theft protection packages in early 2007.

About Technology Credit Union

Technology Credit Union is a full-service, member-owned financial institution serving technology and business professionals in California and their families, as well as individuals who work, live, go to school or regularly worship in Santa Clara, Alameda, Contra Costa, Santa Cruz, San Mateo and San Francisco counties. Tech CU began in 1960 and is now among the top 1% of the nation's largest credit unions. With more than $1.2 billion in assets and nine full-service branches around the Bay Area, Tech CU is a leader in the credit union industry.

(1) Connectionnewspapers.com, 'What is Most Risky,' February 6, 2006

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