Loss Control Solutions Inks Deal with Eastern Financial Florida Credit Union

Sixty-Six-Year-Old Financial Institution Fights Fraud with LCS' Investigation Case Management System

Loss Control Solutions (LCS), a provider of the financial industry's most widely used investigation case management system, announced that Eastern Financial Florida Credit Union has signed an agreement to install LCS' flagship product, Investigation Case Management System(TM) (ICMS).

Eastern Financial Florida Credit Union, which was founded in 1937 by 10 employees of Eastern Airlines, has more than $1.5 billion in assets and more than 178,000 members.

In October 2001, the USA Patriot Act required all financial institutions to comply with government regulations aimed at protecting citizens and companies from terrorist and fraudulent activities. LCS' ICMS helps credit unions, banks and other financial institutions consolidate and report fraudulent activity.

"Following the enactment of the USA Patriot Act, we took a closer look at our financial reporting system," said Kent T. Herbert, president and CEO of Eastern Financial Florida Credit Union. "With the tremendous amount of growth we have incurred over the years, we found our system simply did not have the capability to track all of the activity in a timely manner. ICMS helps us track our financial losses, financial risk and reports on compliance issues."

In addition to consolidating data, ICMS also reduces the amount of man hours required to track fraudulent activity. "Not only is Eastern Financial Florida Credit Union able to have more accurate, consolidated and detailed fraud reports, using ICMS, they are able to reduce the number of hours they spent compiling reports from a few days a month to just a handful of hours," said Bryan Viau, president of Loss Control Solutions. "It is our belief that by using ICMS, Eastern Financial Florida Credit Union will be able to maximize security and reduce its financial losses and risks."

About Eastern Financial Florida Credit Union

Eastern Financial Florida Credit Union, with assets of more than $1.5 billion, is one of the largest credit unions in the United States, providing financial services to more than 178,000 members. The Credit Union operates 18 branches in South Florida and the Tampa Bay Region, and serves over 900 SEGs.

About Loss Control Solutions

Founded in 1996 in Minneapolis, Minn., Loss Control Solutions provides management software systems and services for the financial services industry. The company's flagship product, Investigation Case Management System(TM) (ICMS), manages workload and data for loss prevention, corporate security, compliance and anti money laundering personnel and provides the capability to identify patterns and profile areas requiring further analysis.

Loss Control Solutions is the provider of choice for loss prevention, security and risk management for many leading U.S. banks, thrifts, savings and loans, and credit unions, including 29 of the top 100 U.S. banks, which are currently using ICMS. Loss Control Solutions is a subsidiary of VTI Security Integrators with offices in Minneapolis and Denver.

COPYRIGHT 2003 Business Wire, 2003 Gale Group

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.