MADISON, Wis. – CUNA Mutual Group said its losses due to reported credit card fraud increased about 11% last year to $98.7 million. The increase was much smaller than the 56% surge to $89 million the credit union insurer reported in 2005, and was much less than the $120 million projected last winter when numerous cases of data breaches were popping up around the country. The company said they believe security measures instituted in the second half of last year helped reduce some of the losses. Still, credit unions, which are reporting fewer incidents because of higher deductibles and premiums, probably realized at least as many losses, as much as $100 million that were not reimbursed by their insurer.
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