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ST. PETERSBURG, Fla. – PSCU Financial Services, the card services cooperative for over 500 credit unions that process their transactions with Denver-based First Data Corporation, has followed up on its previous threat to file suit against the insurance firm that had written the cooperative a policy covering losses due to identity theft. In November of 2003, the cooperative said 126 member accounts spread over 66 credit unions lost money in an identity fraud case that involved one of its employees. The total cost to the cooperative from making good on the losses was $1.6 million. “AIG provided us with a policy that we understood addressed our need for identity theft insurance,” PSCU CEO David Serlo wrote in a draft January 13 letter to PSCU’s member credit unions. “We experienced identity theft and filed a claim. For reasons that don’t make sense, AIG declined coverage. As such, we have initiated legal proceedings against AIG.” “Based on PSCU Financial Services experience in this instance, I would be hard pressed to recommend AIG to any credit union or anyone else looking for insurance coverage for identity theft,” Serlo added. -

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