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CUNA Mutual New tech to transfer fraud claims data
MADISON, Wis. and JACKSONVILLE, Fla. (1/28/09)--CUNA Mutual Group and core processor Fidelity National Information Services (FIS) have partnered to create a card solution that transfers fraud data from FIS’ card processing system to CUNA Mutual’s claims processing system. The solution will be available to 2,300 credit unions nationwide. Without the solution, credit unions must manually capture, enter and transfer fraud claims data and reports between the companies. “Based on direct input from our credit union partners, CUNA Mutual and FIS recognized the need to streamline this process, formed a partnership and engaged five credit unions to pilot our technology solution,” said Chuck Cashman, CUNA Mutual plastic card product executive. In the pilot, all five credit unions agreed the solution saved them staff time and increased the efficiency of their program. “We estimate this new card services capability will save the credit union about 20 minutes of administrative data processing time per claim,” said Mimi Talicol, electronic funds transfer specialist, BrightStar CU, Fort Lauderdale, Fla. “For a credit union that is submitting 50 claims per month, this new process will save a credit union two full days’ worth of work.” Streamlining the data flow also will allow CUNA Mutual to help credit unions evaluate their plastic card fraud losses more quickly, Cashman said. “With a complete view of losses, our risk management professionals can advise credit unions on additional measures for responding to, or even preventing, future plastic card losses. Then, when fraudulent schemes are detected at one credit union, we can also send a RISK Alert notification to all of our credit union partners to help protect the broader industry,” he added. CUNA Mutual provides insurance and financial services to credit unions.
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