Case Study

Protecting the Vulnerable at a Confluence of Crime

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Community First Credit Union  •  Location: Jacksonville, FL
Assets: $1.6B  •  Core Banking System: Symitar Episys

“The advanced nature of Verafin’s software and their dedication to staying ahead of criminal trends gives us the ability to quickly spot out-of-the-ordinary activity and act on it to protect our credit union and our members from suffering devastating financial loss.

Located in Jacksonville, Florida, Community First Credit Union has to be extra vigilant in looking out for financial crime. Its position near to Interstate I95 and Interstate I10 place make it an attractive proposition for criminal activity, which was resulting in a heavy burden of time-consuming manual processes for suspicious activity detection.

In this case study, learn how Community First began using Verafin in 2012 to reduce workload and uncover criminal activity that may otherwise be missed. You’ll hear about a poignant real-life example where the credit union was able to protect one of its most vulnerable members — a man struggling with the lasting effects of a stroke — from a potential $10,000 loss resulting from a reprehensible romance scam.

Tagged as...

  •   Account Takeover
  •   ACH Fraud
  •   Deposit Fraud
  •   Elder Financial Abuse
  •   Fraud
  •   Fraud Scams