Post: CUNA Mutual Group Moving ForwardAfter Changes, Fighting Plastic Card Fraud
LAS VEGAS - (06/26/06) The president and CEO of CUNAMutual Group said the company continues to make organizationalchanges to become more competitive and, at the same time, isfighting the critical issue of plastic card fraud.Jeff Post, who took over the helm of CMG in January 2005, onThursday told a group of reporters at the companys Discoveryconference here changes have not come easily. There are5,000 people in the organization. It is not a PT boat, it is abattleship. The good news is, once a battleship is going in theright direction, it is hard to slow it down. Post said CUNAMutual is not planning to drop insurance coverage for ATM, debitand credit cards, but he warned the entire plastic card space isunder attack by organized crime. Whats worse, he added,On the black market, credit union credit card numbers areworth dramatically more than bank credit cards, because wedont have controls in place. Plastic card fraudlosses by CMG-insured CUs in 2005 totaled $89 million, and are ontrack to reach $120 million in 06. Post said he will be onCapitol Hill next week to discuss the issue.