PSCU's efforts to detect and prevent payment card fraud on behalf of its more than 800 member-owner credit unions yielded a fraud loss savings to its credit unions of more than $100 million in declined fraud transactions over the past 12 months, the company reported this week.
In addition, the St. Petersburg, Fla.-based CUSO said use of custom fraud detection strategies, analytics and proactive account tagging and monitoring has delivered a fraud-to-sales loss ratio of 6.25 basis points or $0.0625 fraud per $100 in sales over that period, significantly lower than reported industry averages of between 11 and 14 basis points.
"Our credit unions understand their need to identify the fraud mitigation response that makes the most sense for them and their members," Steve Ruwe, PSCU chief risk officer, said.
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