COLORADO SPRINGS, Colo. — Breaches may be high profile these days, but credit unions are witnessing an improvement in fraud conditions on plastic cards, according to a CUNA Mutual Group security executive.
Addressing CO-OP Financial Services annual meeting here, Joe Dillon, product executive in CUNA Mutual's Bond and Plastic Card Division, said actual CU submitted losses to the insurer in 2006 were $98.7 million up from $89 million in 2005, "but better than the originally forecast $120 million."
"While the rate of reported fraud loss growth has slowed significantly over the past year to just about a 10% increase over 2005, fraud losses are still 2.5 times what they were in 2002."
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