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FSCC Shared Branching Network Awards Credit Unions for stopping over $1.1 million in Fraud

FOR IMMEDIATE RELEASE

Contact: Bonnie Kramer

EVP/COO

(888) 372-2669 ext 1220

bonnie.kramer@fscc.com


FSCC Shared Branching Network Awards Credit Unions for stopping over

$1.1 million in Fraud

 

Ontario, Calif.,—(February 9, 2010)— Financial Service Centers Cooperative,

Inc. (FSCC), the nation’s largest and most convenient credit union Shared

Branching Network, announced today that they awarded twelve credit unions for

stopping over $1.1 million in fraud activity during 2009. Nearly 50 awards were

handed out to individuals at the twelve credit unions. The awards were presented

to credit unions on a quarterly basis during 2009.

 

Award recipients included credit unions from coast to coast, who participate in

the FSCC Shared Branching Network. The recipients of the Fraud Buster Awards

were recognized for protecting their credit unions, their members, and members

of other credit unions from fraud.

 

“FSCC is gratified to recognize individuals of credit unions for not only preventing

fraud activities at their branch, but also for their diligence in protecting members’

information. With fraud becoming more and more common, it is essential that we

all do our part to combat these crimes against members,” said Sarah Canepa

Bang, President/CEO, FSCC. “The individuals at these credit unions should be

commended for taking an aggressive approach to sustaining the credibility of the

credit union community for members.”

 

Officials also point out that fraud training, online fraud detection, and alert

programs are available for FSCC credit unions.

 

FSCC maintains an active Operations Advisory Committee comprised of

stockholder credit unions. The committee reviews activity and looks at ways to

prevent and detect fraud through rule changes, training, products, and services.

The awards program was organized by the committee in 2000 and the first Fraud

Buster Awards were handed out in 2001. In nine years, credit unions have

stopped over $7.5 million from fraudulent activities and FSCC has presented

over 280 awards.

 

According to Bankersonline.com, U.S. News and World Report did a study on

bank fraud and found that financial institutions in the U.S. lose about $12 billion a

year in check fraud, and the retail industry loses a similar amount resulting in

total losses of $24 billion as a result of check fraud. The Federal Trade

Commission also reports that financial institutions and businesses lose over $48

billion annually from fraudulent activities.


About Financial Service Centers Cooperative, Inc. (FSCC)

FSCC is the nation’s largest and most convenient credit union Shared Branching

Network providing nearly 6,300 full service deposit-taking locations in the U.S.

and four foreign countries. FSCC’s innovative use of technology allows it to offer

24/7 access for financial services at more than 2,200 7-Eleven® Vcom® Units.

FSCC credit unions represent $141 billion in assets. Since 1999, FSCC has

returned over $14 million to its members through patronage dividends, rebates

and return of capital. For more information, please visit www.fscc.com or call

888-372-2669 ext. 1235.

 

Proudly Supporting:

Financial Service Centers Cooperative, Inc.
2855 E. Guasti Road, Suite 202
Ontario, CA 91761-1249
1.888.372.2669

CIMple CU Service Centers