PSCU Expands Fraud-Fighting Tools for CUs
The CUSO claims it has stopped more than $500 million in potential fraud during the past year.
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.