WASHINGTON — NAFCU Services Corporation
(www.nafcu.org/nafcuservices) today released a free webcast with its Preferred Partner, Allied Solutions, on check fraud. The webcast is the first in a two-part series designed to educate credit unions on identifying instances of and decreasing losses from check fraud.

The webcast and slides may be viewed at www.nafcu.org/allied.

Patrick Touhey, SVP at Allied Solutions, says check fraud is on the rise for several reasons. “Nowadays, it is impossible for front-line people to know every member that comes through the door,” Touhey said. “Membership growth and diversity, among other changes in the industry, make it tougher for tellers to spot scams whether planned or inadvertent.”

In addition, the credit union philosophy of member service, which often translates into leniency on things like check hold policies, also make credit unions a target. Finally, underwriters of have placed more restrictive insurance protection on institutions in the last two to three years.

“The sophistication of check fraud scams and the technology used to execute them are increasing,” says David Frankil, president of NAFCU Services Corporation. “Unfortunately, that places the onus on credit unions to continually prepare themselves with education about the latest trends.”

The webcast reviews methods such as paperhanging, check kiting, check washing and counterfeiting. It continues with a discussion of common scams such as lottery scams, eBay scams, Nigerian scams, and phishing and pharming scams. Part II in the webcast series, due for release later this year, will highlight prevention and detection measures.

Allied Solutions is the NAFCU Services Preferred Partner for bond, GAP, mechanical breakdown protection, creditor-placed insurance, and overdraft protection. Learn more about the NAFCU Services/Allied partnership at www.nafcu.org/allied.

About Allied Solutions
Allied Solutions is a leading insurance and financial services company that has been working with financial institutions since 1979. Allied Solutions has relationships with more than 4,500 financial institutions around the country. They provide innovative, value-added products and services that give their clients a competitive advantage and support them with a level of service that is unsurpassed. Learn more at www.alliedsolutions.net.

About NAFCU Services
NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Since 1975, NAFCU Services has partnered with the industry’s leading solutions providers to offer value-added products and services at a discount to credit unions. Currently, it offers 28 Preferred Partner programs to the credit union community. For more information about NAFCU Services Corporation, please visit www.nafcu.org/nafcuservices.