Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
FSCC awards CUs for stopping over 1.1M in fraud
ONTARIO, Calif. (2/12/10)--Financial Service Centers Cooperative (FSCC) announced that it gave awards to 12 credit unions for stopping more than $1.1 million in fraud activity during 2009. The credit unions garnered about 50 Fraud Buster Awards. The awards were presented to credit unions on a quarterly basis during 2009. Award recipients included credit unions that participate in the FSCC Shared Branching Network. The recipients of the Fraud Buster Awards were recognized for protecting their credit unions, their members, and members of other credit unions from fraud. FSCC maintains an Operations Advisory Committee comprising of stockholder credit unions. The committee reviews activity and looks at ways to prevent and detect fraud through rule changes, training, products and services. In the nine years the awards have been presented, credit unions have stopped more than $7.5 million from fraudulent activities. FSCC has presented more than 280 awards. Financial institutions in the U.S. lose about $12 billion a year in check fraud, and the retail industry loses a similar amount resulting in losses of $24 billion as a result of check fraud. The Federal Trade Commission also reports that financial institutions and businesses lose more than $48 billion annually from fraudulent activities, according to statistics FSCC cited from U.S. News and World Report. FSCC is a credit union Shared Branching Network providing about 6,300 full-service deposit-taking locations in the U.S. and abroad.


RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
2 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
4 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
4 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
5 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
5 hours ago