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CU System
FSCC awards honor CUs for halting 1.5 million in frauds
SAN DIMAS, Calif. (1/23/09)--Financial Service Centers Cooperative Inc. (FSCC), a credit union shared branching network, announced Thursday that it has made 60 awards to credit unions for stopping more than $1.5 million in fraud activity for 2008. Fraud Buster Award recipients included credit unions who participate in the FSCC Shared Branching Network. They were recognized for protecting their credit unions, their members, and members of other credit unions from fraud. “Credit unions have hit another milestone as the amount of money they are preventing from loss is impressive,” said Bonnie Kramer, FSCC executive vice president and chief operating officer. “They are truly demonstrating their commitment to helping members and the credit union from theft and damages. Credit union safety and security is always a top priority for FSCC staff and the network. FSCC has a suite of fraud tools to help credit unions fight fraud. Fraud training, online fraud detection, and alerts also are available for FSCC credit unions. An Operation Advisory Committee comprised of stockholder credit unions reviews activity and looks at ways to prevent and detect fraud through rule changes, products and services. The committee organized the awards program in 2000. The first Fraud Buster Awards were handed out in 2001. In eight years, credit unions have stopped more than $6.5 million in fraudulent activities. Financial institutions and businesses lose more than $48 billion annually from fraudulent activities, according to the Federal Trade Commission.
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