Case Study: How 1 Chicago CU Cut Plastic Card Fraud

Credit Union Journal, The, October, 2007 by Chuck Cashman

Over the last several years, CUNA Mutual Group has focused on plastic card fraud and the implications it has on the credit union marketplace. Below is a look at how one credit union, Alliant Credit Union in Chicago, took a serious, head-on approach to combating plastic card fraud for its organization and members.

Alliant Credit Union's plastic card products faced a steadily-climbing increase in fraudulent claims, which had the potential to negatively impact member service, increase expenses and endanger Alliant's reputation as a safe and secure financial institution. In fact, by policy period 2005, losses had reached nearly $675,000, which adversely affected the deductible Alliant pays to its insurance carrier, CUNA Mutual Group.

"The Plastic Card deductible...

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