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CU CEO Reacts to CUMIS Ruling

I know you never think it can happen to you but here is an example of not having your RedFlag polices in place and being followed!

Credit union's loss in $243,000 fraudulent transfer case called an example of difficulty dealing with identity theft. 
UCSCU said it was not able to recover the $243,000 and submitted a claim to CUMIS. The insurance firm said there was no coverage between the bonding period of February 2007 to February 2008 because new security measures in place during that time required wire transfers to be made through a secure phone number in place for at least 30 days prior to a transfer request.
In its suit against CUMIS, the credit union cited breach of contract. However, Los Angeles Superior Court Judge Terry A. Green ruled for CUMIS saying that UCSCU failed to comply with security measures during the bonding period.....Universal City Studios CU CEO Reacts to CUMIS Ruling:

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