ICBA News Release
FOR IMMEDIATE RELEASE
ICBA Bancard: Card Issuers Saved More Than $1 Million in Fraud Dollars in 2008
Bancard Fraud Prevention and Detection Programs Key to Savings
Phoenix, Ariz. (March 19, 2009)— ICBA Bancard, the payments services subsidiary of the Independent Community Bankers of America (ICBA), today announced that its card issuers collectively saved over $1 million in confirmed fraudulent transactions in 2008 due to Bancard fraud prevention and detection programs.
“Credit and debit cards can be key income generators for community banks, but today’s deteriorating consumer credit environment calls for vigilant and decisive portfolio management,” said Linda Echard, ICBA Bancard president and CEO. “ICBA Bancard has the tools and expertise to help issuers maximize returns, mitigate risks and ensure their program’s long-term viability.”
Echard went on to say that community bank issuers’ potential savings would actually be closer to $21 million if the exposed accounts had not been identified and closed.
ICBA Bancard also reported that fraud claims for community banks that participate in ICBA Bancard’s proprietary Fraud Loss Protection Program were down by almost 50 percent over the previous year, as were claim payments for 2008 which totaled $963,491.
Community banks that participate in ICBA Bancard’s fraud loss protection plan are covered for lost, stolen, and cards not received, as well as for counterfeit and account takeover losses.
For more information about ICBA Bancard’s payments services or risk management programs call (800) 242-4770 or visit www.icba.org.