TMG Rolls Out Fraud & Risk Analysis Service for Credit Union Clients
March 18, 2009
TMG Rolls Out Fraud & Risk Analysis Service for Credit Union Clients
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Using a custom process developed by TMG’s fraud department, TMG fraud experts analyze 12 months of a credit union’s fraud cases to pinpoint exactly where fraud is originating. After the analysis is complete, TMG’s fraud experts recommend and help implement new fraud strategies to minimize future risk.
Beta testing the analysis program with Vermont State Employees Credit Union in 2008, TMG’s newly implemented strategies stopped an estimated $20,000 in potential fraud loss for the Montpelier-based credit union.
“The savings potential of TMG’s new program is enormous,” said Victoria Boudreault, Vermont State Employees’ Deposit Operations Manager. “Losses from fraud are only one area of savings, as this program also protects interchange income, customer service demands, and most importantly, our reputation among cardholders.
According to TMG Cards Risk Senior Manager Karen Postma, ideal clients of the Fraud & Risk Analysis program are credit unions with a card base greater than 15,000 that also have the flexibility to modify their fraud strategies.
“It’s important to TMG that our credit union clients be able to modify their existing strategies in a way that is completely transparent to members,” said Postma. “We are skilled in our ability to carve out exactly the strategies that will decrease fraud without sacrificing interchange income or disrupting member cardholder experience.”
TMG predicts a typical program will take between six and seven weeks to complete and recommends an annual analysis to stay on top of trends and minimize exposure to risk.
As an added bonus, clients of TMG’s Fraud & Risk Analysis program receive a TMG-developed decision matrix that guides credit unions through the decision making process while experiencing a compromise.
About
The Vermont State Employees Credit Union is a not-for-profit financial cooperative that offers a full range of affordable financial products and services to its member-owners. People eligible to join the credit union include anyone who lives or works in Vermont’s Addison, Caledonia, Chittenden, Lamoille, Orange, Rutland or Washington counties, along with Vermont's state employees and their families. For more information about VSECU, visit www.vsecu.com.
About TMG
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TMG is a wholly-owned subsidiary of the Affiliates Management Company, which is owned by
