Seeking to cut credit union losses from criminal activities, the Texas Credit Union League (TCUL) is entering into a partnership that includes several bank associations.
The league has joined the Loss Avoidance Alert System (LAAS), an online financial crime reporting security system that has as partners Southwest Automated Clearing House Association (SWACHA), the Independent Bankers Association of Texas (IBAT), Community Bankers Association of Okalahoma (CBAO) and Texas Savings and Community Bankers Association (TSCBA). The state's 600-plus credit unions will join the more than 1,200 financial institutions that are already a part of LAAS. There is no cost to the credit union.
The Loss Avoidance Alert System, based on a program originated by SWACHA, provides a network to share timely information on fraudulent or criminal activity toward financial institutions and consumers. "This program will help detect and avoid potential losses from con artists, counterfeiters, forgers and other criminals who try to defraud credit unions and other financial institutions," its organizers said.
"Credit unions will access the system through TCUL's web site at www.tcul.coop. Each member will be required to register in order to use the site. Usernames and passwords will be verified and issued. Once granted access, credit unions can view crimes that have occurred in their area, as well as in neighboring communities.
