News

Find out how credit unions are fighting fraud in the special report on pages 22 to 24.

LEEDS, UK; and GLASGOW, Scotland - The British Financial Services Authority (FSA), which regulates UK credit unions, took over the regulation of mortgages on November 1, and for the first time credit unions have been given the right to offer 25-year mortgage loans. Prior to the new regulations the repayment...

NEEDHAM, Mass.- A TowerGroup research report titled A Phish Tale? Moving From Hype to Reality finds that despite the media attention to email "phishing" scams, direct fraud losses attributable to phishing may be less than expected. The actual dollar value of phishing-related fraud is expected to total just $137.1 million...

More Effort Needed to Prevent, Detect Identity Fraud PLEASANTON, Calif. - A recent Javelin Strategy & Research study finds that while a few financial institutions have focused on identity theft and related fraud resolution, they must "deputize" consumers to help contain the threat. For example more financial institutions should be...

WALTHAM, Mass. -Are colleges, universities and major research centers the latest prime targets for identity thieves? According to security provider Intrusic Inc., a university data center is an easy starting point for criminals to obtain the information necessary to commit identity theft, cyber-fraud and a string of other crimes. "Universities...

MANCHESTER and LONDON, UK - Banks and credit unions do not have to be adversaries. Barclay's Bank, a 300-year old international bank, has proven the two types of financial institutions can forge useful partnerships to work on social goals. Barclay recently gave nine credit unions over 500,000 (US$889,000) to help...

FEDERAL WAY, Wash. - The Washington Credit Union League and Verity Credit Union have honored a 60-year old grandmother of 10 for her help in nabbing an identity thief. Verity CU staffers had called the police to report a man was trying to use an account that wasn't his. The...

AUSTIN, Texas - Background checks and internal controls may not be enough to protect your credit union from occupational fraud. According to the Association of Certified Fraud Examiners' 2004 Report to the Nation on Occupational Fraud and Abuse over half of all fraud cases, particularly those committed by executives, were...