Des Moines, Iowa, Mar. 17, 2009 -- In an effort to help creditunions better manage credit and debit card fraud, TMG (The MembersGroup) is today rolling out its customizable Fraud & Risk Analysisprogram.
Using a custom process developed by TMG’sfraud department, TMG fraud experts analyze 12 months of a creditunion’s fraud cases to pinpoint exactly where fraud is originating.After the analysis is complete, TMG’s fraud experts recommend and helpimplement new fraud strategies to minimize future risk.
Betatesting the analysis program with Vermont State Employees Credit Unionin 2008, TMG’s newly implemented strategies stopped an estimated$20,000 in potential fraud loss for the Montpelier-based credit union.
“Thesavings potential of TMG’s new program is enormous,” said VictoriaBoudreault, Vermont State Employees’ Deposit Operations Manager.“Losses from fraud are only one area of savings, as this program alsoprotects interchange income, customer service demands, and mostimportantly, our reputation among cardholders.
Accordingto TMG Cards Risk Senior Manager Karen Postma, ideal clients of theFraud & Risk Analysis program are credit unions with a card basegreater than 15,000 that also have the flexibility to modify theirfraud strategies.
“It’s important to TMG that ourcredit union clients be able to modify their existing strategies in away that is completely transparent to members,” said Postma. “We areskilled in our ability to carve out exactly the strategies that willdecrease fraud without sacrificing interchange income or disruptingmember cardholder experience.”
TMG predicts atypical program will take between six and seven weeks to complete andrecommends an annual analysis to stay on top of trends and minimizeexposure to risk.
As an added bonus, clients ofTMG’s Fraud & Risk Analysis program receive a TMG-developeddecision matrix that guides credit unions through the decision makingprocess while experiencing a compromise.
About Vermont State Employees Credit Union
TheVermont State Employees Credit Union is a not-for-profit financialcooperative that offers a full range of affordable financial productsand services to its member-owners. People eligible to join the creditunion include anyone who lives or works in Vermont’s Addison,Caledonia, Chittenden, Lamoille, Orange, Rutland or Washingtoncounties, along with Vermont's state employees and their families. Formore information about VSECU, visit www.vsecu.com .
About TMG
Ownedby the Iowa Credit Union League, TMG is a financial servicesorganization dedicated to providing innovative customized solutions tocredit unions and financial institutions across North America. TMG’score products include credit, debit, ATM and prepaid solutions, as wellas online reporting, item processing, ACH, ALM and printing services.TMG’s prepaid card products are branded ATIRA. For more information,visit www.TheMembersGroup.com .
Source: Company press release.
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