Tuesday, March 27, 2012

Compromised Accounts Leads to Immediate Action by ELGA CU

Do you fear that any of your cardholders will be part of debit or credit fraud?

An ELGA Credit Union in Michigan had to deal with this exact situation. A disturbing 450 cards were in question when the company was informed. "I know we were not the only institution notified in the alert, but we decided to take action as soon as we learned about it,” says Frank Wilber, executive vice president of the Burton-based ELGA Credit Union.

As a result of debit and credit fraud, credit unions cover the customers’ loss. This financial burden is one no company wishes to encounter. How can it be avoided altogether?

Read more about what the Burton-based ELGA Credit Union did to keep customers informed of the situation. Would you have handled it differently? Let us know. We’d love to hear from you.

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