CUNA Mutual Group is partnering with risk management provider
Primary Payment Systems (PPS®) to help credit unions combat
the growing incidence of check fraud.
PPS, a Concord Risk Management Company located in Scottsdale, AZ,
offers products and services to the financial services industry
through its suite of Early Warning® solutions. Using a common
platform maintained and safeguarded by PPS, industry participants
contribute and share information to detect high-risk deposits, payments
"PPS is a recognized fraud prevention expert," said Al
Stendahl, CUNA Mutual Vice President. "Through our relationship
with PPS, CUNA Mutual will enhance its Credit Union Protection expertise
and service to Bond policy owner credit unions by providing integrated
loss prevention solutions to help deter check and identity related
CUNA Mutual's loss prevention solutions currently include focused
risk management attention and front-line staff training. The PPS
suite of tools including DEPOSIT CHEK® and DECISION CHEKsm
for deposit and payment risk management, and IDENTITY CHEKsm
for meeting member identity verification, help credit unions proactively
identify and prevent account fraud-type losses, rather than merely
PPS solutions are scalable to meet the varying needs of all credit
unions, according to Larry Spooner, President of PPS. "A variety
of access methods and custom packaging make finding the right solution
fast and easy".
"When utilized in combination, they offer a highly comprehensive
defense against the latest fraudulent schemes," Spooner added.
"With fraud and identity theft increasing, credit unions now
more than ever need a simple, secure and reliable way to access
these valuable tools."
Stendahl added, "Using PPS' solutions for fraud prevention
can positively impact a credit union's bottom line. These tools
help prevent losses which results in a better Bond experience rating.
If a credit union's loss experience goes down, it improves their
experience rating. And that translates into lower insurance costs".
PPS currently works with hundreds of financial institutions, many
of them credit unions. "Purdue Employees Federal Credit Union
(West Lafayette, IN) has seen excellent results since going live
with PPS in December 2002", said Evelyn Royer, Assistant Vice
President for compliance and risk management. "PPS has helped
our credit union minimize its check fraud losses. Within three months
of implementation, we recouped our initial investment".
CUNA Mutual Group
is the leading financial services provider to credit unions and
their members worldwide, offering insurance, investment, lending
and technological solutions through strategic relationships and
multiple service channels.
Primary Payment Systems
(PPS), a Concord Risk Management Company, provides services that
combat check, identity and new account fraud. The PPS suite of Early
Warning solutions notifies users of high-risk deposits and payments
as well as suspicious identities. The foundation of these unique
services is the National Shared DatabasesTM,
which are used exclusively for fraud prevention and are maintained
and safeguarded by PPS, a trusted custodianTM.
Today, the Databases represent nearly 200 million DDA's from most
of the nation's largest financial institutions. More information
can be found at www.primarypayments.com.
Mary Anne Keegan 302/791-8109 firstname.lastname@example.org
Rick Uhlmann 608/231-8940 email@example.com
Phil Tschudy 608/231-7188 firstname.lastname@example.org
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