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CUs find uptick in card fraud
HIGHTSTOWN, N.J. (5/12/11)--Credit unions nationwide have experienced an increase in card fraud within the past few weeks (New Jersey Credit Union League The Daily Exchange May 2), according to CUNA Mutual Group. The fraudulent transactions are occurring both within and outside of the U.S. with Visa and MasterCard credit and debit cards. Several exchanges have taken place with card processors and the card associations in an attempt to determine the common point of purchase (CPP). To effectively mitigate losses, it is vital to determine the CPP, which is the location where the member’s card may have been compromised. CUNA Mutual Group is seeking the cooperation of credit unions by working together with their card processors and the card associations to help pinpoint the CPPs. The losses involve “card present” transactions (magnetic stripe, signature-based fraud). This may involve a system intrusion rather than skimming, according to CUNA Mutual.
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