WILLIAMSBURG, Va. — A mixture of card brands, card processors, and government agencies and insurers have formed what they have called a "Risk Council" to help make sure the industry effectively addresses and speaks with one voice on card fraud issues, according to David Serlo, president of PSCU Financial Services, one of the Council's member organizations and organizers.
PSCU Financial Services is the card processing and management CUSO for more than 500 credit unions that use the First Data Corp. card platform. Serlo revealed the existence of the Council to attendees at the CUSO's 30th annual meeting.
In addition to PSCU Financial Services, the Council includes the CUSO's "competitors," which Serlo did not name, along with Visa, MasterCard and the other card brands, CUNA Mutual, and government agencies like the Secret Service who investigate card frauds.
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"Linking up with our competitors and the rest of the industry in this way, we hope, will help the industry speak with one voice on fraud issues and remove some of our fractionalization, because we are a fractionalized industry," Serlo said.
The organization has had its first meeting in Washington D.C., Serlo said, and has already gotten to work.
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