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CO-OPs fraud call center saves millions per month

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RANCHO CUCAMONGA, Calif. (9/23/08)--CO-OP Financial Services announced that since it has launched its in-house fraud call center one year ago, it has helped credit unions save millions of dollars per month by monitoring and preventing fraudulent charges to cardholder accounts. CO-OP helped SAFE CU, North Highlands, Calif., save $183,000 in fraud charges in one month, the credit union said. The call center, Card Member Security, also has lowered the number of false positives it receives by 40% below the industry average. CO-OP also monitors personal identification number (PIN)-based transactions and debit signature transactions. “Monitoring PIN-based transactions using different scoring models than signature-based transactions is critical to digging deeper into fraud intelligence,” said Connie Trudgeon, CO-OP vice president of operations. “Because cardholders typically have different spending patterns with their PIN-based versus signature transactions, a credit union will have a clear advantage when these two types of transactions are managed separately and will have a greater opportunity to detect fraud patterns,” she said. CO-OP’s Concierge program also helps credit unions provide additional contact and travel data for their mobile members and monitor suspicious activity while considering members’ travel itineraries. CO-OP is a credit union service organization that offers credit union members access to 25,000 surcharge-free ATMs.

FSCC Cardtronics launch gift card giveaway

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HOUSTON and SAN DIMAS, Calif. (9/23/08)--Financial Service Centers Cooperative (FSCC) and Cardtronics announced that they will launch the Journeyin’ Through Virginia Sweepstakes to complement the California Cruisin’ sweepstakes already underway at participating 7-Eleven stores in California. The winner will receive $5,000 in CU for Kids gift cards. Credit union members can enter into the contest by authenticating themselves at a Cardtronics Vcom terminal at participating 7-Eleven stores in Virginia. Members must be participants of the CU Service Centers Network with FSCC Shared Branch Network. FSCC provides 5,500 full-service deposit-taking locations in the U.S. and overseas. Cardtronics is an ATM operator in Houston.