JACKSONVILLE, Fla. & MADISON, Wis. — No credit union likes to have cards compromised in a security breach, but the insurer for the majority of credit unions and the processor for the majority of CU card programs have teamed up to make card fraud loss claims easier to file.
CUNA Mutual Group and Fidelity National Information Services said their new jointly developed product, which has not yet been named, will enable the 2,300 credit unions currently processing with FIS and using CUNA Mutual card insurance to shave time and frustration off their card fraud claims process.
"Based on direct input from our credit union partners, CUNA Mutual and FIS recognized the need to streamline this process, formed a partnership and engaged five credit unions to pilot our technology solution," said Chuck Cashman, CUNA Mutual plastic card product executive. "Ultimately, this collaborative effort will make the process easier for our customers."
"Card Services for Credit Unions recognizes how valuable this important innovation is for the credit union market," noted Robert Hackney, president of CSCU. "Through the unmatched industry leadership of these two organizations, credit unions now can reap the benefits from the combined innovation and stability of these two leaders. That's another reason why we're proud to have an alliance with FIS."
Executives with the two companies estimate that being able to easily transfer information from fraudulent transactions from the CU's account with FIS to the insurer will shave two thirds of the paperwork time off of each claim application.
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