Score one for the good guys in the never ending war against credit card fraudsters. That is because, using slick tools provided by Des Moines, Iowa-based The Members Group, the $1.5 billion University of Iowa Community Credit Union has announced a 16% drop in credit card fraud during 2011.
In a statement, UICCU also said it had "achieved significant per-case decreases in 2011 as compared to 2010. Year over year, the credit union has seen a 27% reduction in gross fraud per case and a 41% reduction in fraud write-offs per case."
Key to this success, said TMG card expert Karen Postma, are new tools developed by TMG that correlate fraud probability with factors such as the ZIP code where the transaction is occurring and the kind of retailer. "Since I live in Iowa it is unlikely I would be buying an expensive big-screen television in a Florida discount store," said Postma.
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