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CUs Expect to Spend More On Fraud

NAFCU poll finds credit unions spending an average of $165,000 each on card fraud prevention in 2010.

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A recent NAFCU survey found that, on average, credit unions spent more than $165,000 each on card fraud prevention in 2010 and half of the executives responding to the survey said they expect to spend more in 2011.

The data for August’s Economic and CU Issues Monitor was collected before Visa Inc. announced its updated approach to smart chip card technology. Smart chip cards have a significantly lower card risk profile than do cards that use magnetic stripe technology and they are expected to lower fraud prevention costs for issuers.

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