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.
Posted on
Tue, February 9, 2010
by Nathan Rogers