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Almost three years ago, the St. Petersburg, Fla.-based PSCU launched its Enhanced Fraud Services to assist credit unions in customizing their approach to stopping fraudulent activity. On Monday, the CUSO announced it was expanding its fraud services to include consulting and monitoring.
"Since its introduction nearly three years ago, Enhanced Fraud Services has provided more than 30 credit unions with significant operational efficiencies, heightened detection rates, increased interchange revenue, and an improved member experience," said Chief Risk Officer and President, TriVerity at PSCU, Jack Lynch. "We are extremely pleased with the success our credit unions have seen thus far and look forward to helping even more credit unions reach and exceed their fraud-fighting goals through our newest offering."
The expansion of fraud services, according to PSCU, provides credit unions with a risk program specialist to monitor and guide a credit union through fraud-fighting efforts, as well as a dedicated risk program specialist to help credit unions "keep a pulse on fraud risk and trends, provide rule performance reviews and deploy custom strategy sets, ultimately resulting in an enhanced experience for the financial institution and its members."
According to PSCU, its fraud-focused efforts resulted in stopping more than $500 million in potential fraud losses for credit unions in the past year.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
