Case Study

Investing in the Future

Credit Union’s Partnership with Verafin Pays Immediate Dividends

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A Southwestern United States Credit Union
Assets: $5B-9B • Core Banking System: Jack Henry – Symitar Episys

“This past year, with Verafin’s support, we identified $7.7 million in attempted fraud. By year end, fraud losses as a percentage of attempted fraud decreased from 31% to 14%.”

Time, effort, resources: the three major factors that determine the success and impact of any fraud management team. Chasing alerts, starting investigations, filing Suspicious Activity Reports (SARs) — the challenges of these processes increase almost daily for financial institutions.

For one credit union in the Southwestern United States, their existing fraud-detection approach and management processes weren’t delivering the results they needed for their members.

Tagged as...

  •   COVID-19
  •   Deposit Fraud
  •   Fraud
  •   Fraud Management
  •   Fraud Scams