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Security Layering is the Way to Go, CUNA Mutual Exec Says

Ann Davidson of CUNA Mutual's risk management department said credit unions "really need to shut the door in [a fraudster's] face and not let them in."

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LAS VEGAS — Ann Davidson of CUNA Mutual’s risk management department said credit unions “really need to shut the door in [a fraudster's] face and not let them in.”

The best way to do that is to layer security on debit and credit cards, she said. Fraud loss claims by credit unions last year approached $100 million up from $89 million in 2005 with no end to the increase in sight. Of these losses debit card losses increased 58%. “That’s where we should be focused,” Davidson advocated noting that ATM card losses fell 16% and credit card losses were down 27%.

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