Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Products
CUNA Mutual CO-OP automate fraud claims
MADISON, Wis., and RANCHO CUCAMONGA, Calif. (9/9/09)--CUNA Mutual Group and CO-OP Financial Services are partnering on CUNA Mutual’s Claims Automation Service, which eliminates the need for credit unions to manually submit card fraud claims. Credit unions who partner with CO-OP and CUNA Mutual can participate. The service will automatically and securely transmit fraud claims data from CO-OP’s data processing system to CUNA Mutual’s claims processing system. It is expected to save an estimated 15-20 minutes of administrative burden per claim, streamline the data flow and eliminate misreporting caused by keying errors or missing data, CUNA Mutual said. Record growth in plastic card use and expanding applications are causing credit unions to experience greater operating costs and tasks related to managing plastic card fraud. Due to the large number of data breaches, the incidence of fraud continues to grow at a rapid rate. According to a 2008 study by CyberSource, $4 billion in online revenues were lost to payment fraud last year. A 2009 survey by the Association of Financial Professionals found that 71% experienced attempted or actual payments fraud in 2008, with the largest percentage reporting check fraud, followed by automated clearinghouse debit and consumer credit/debit cards. CO-OP Financial Services is a credit union service organization based in Rancho Cucamonga, Calif.


RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
18 hours ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
20 hours ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
22 hours ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
22 hours ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
1 day ago