BROOKFIELD, Wis.-The value of close teamwork between the credit union and vendor is reflected in fraud savings.
JB Rambaud, general manager-risk for Fiserv, said its credit union customers typically save about two-thirds of their fraud costs when they add Fiserv's Risk Office service on top of Fiserv's standard fraud prevention measures.
"Risk Office pairs credit unions with one Risk Office analyst. The credit union now has a one-to-one relationship with us, no call center. They are speaking with a person they know and who knows their credit union and manages their fraud prevention on their behalf. The analyst works with the credit union to adapt their fraud strategies to the ever-changing behaviors of their cardholders."
Rambaud pointed out that credit unions that use its Risk Office service on average see less than three basis points of fraud losses (to total card sales) compared with the national financial institution financial average of nine to 10 basis points of fraud losses.
