RANCHO CUCAMONGA, Calif. (12/6/07)--CO-OP Financial Services has brought its fraud service center in-house, with more than 20 analysts to research and service CO-OP client cases. The center was created to focus on CO-OP credit unions that use Falcon Fraud Manager, a neural network technology that examines signature and personal identification number debit transactions. Analysts are trained to monitor the data, identify trends and take corrective action. “We recently reissued cards to a number of our members who were part of an account data compromise,” said Michelle Mattson, electronic service administrator at T&C FCU in Bloomfield, Mich. “Typically, we allow two weeks during this type of reissue before we block the members’ old cards. The service center brought a fraud trend to our attention, showing compromises on some of the old cards, and we were able to block 20 of them before the two-week window.” CO-OP Financial Services, a credit union service organization, has 2,800 credit union members and more than 25,000 surcharge-free ATMs.
BROOKFIELD, Wis. (12/6/07)--Fiserv Inc. announced that it has completed the acquisition of CheckFree Corp. Under terms of the transaction, Fiserv acquired the company for $4.4 billion in cash, or $48 per share. Fiserv also announced that its co-founder, Norm Balthasar, senior executive vice president and CEO, will retire from his position Dec. 21. He will remain with the company through June 30 to assist with the CheckFree integration. Fiserv, based in Brookfield, provides information management and electronic commerce systems and services to the financial industry. CheckFree, based in Norcross, Ga., is a provider of financial electronic commerce services and products, including electronic bill pay and Internet banking. More than 3,000 financial services websites use CheckFree’s products.