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CUNA Mutual CO-OP automate fraud claims

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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.