May 28 at 02:00 PM - 03:00 PM EST

Fraud Prevention and Management for Credit Unions

Cross-Channel Analytics, Big Data, and Machine Learning to Fight Fraud

Credit unions face common challenges in combating fraud. Adding layers of protection to detect and prevent fraudulent activity, managing your alert volume, and reporting losses can become increasingly difficult if there are multiple detection systems across different fraud and operational teams, and ultimately leads to a lack of visibility into your true fraud problem.

Verafin’s Fraud Detection and Management solution leverages big data intelligence to help detect emerging and evolving fraud trends by analyzing more than a billion transactions a week in the Verafin Cloud. Our innovative cross-channel fraud analytics use machine learning and cross-institutional insights from across the Cloud to reduce false positives and improve model performance. Verafin’s consolidated fraud solution includes centralized case management and reporting functionality, giving your credit union the visibility needed to manage your fraud strategy across all channels.

Join us for this presentation as we discuss the benefits of consolidating your fraud prevention and management functions with Verafin’s Fraud Detection and Management solution. Learn why nearly 1200 credit unions have chosen Verafin to reduce losses and strengthen prevention efforts across all channels and departments.

Highlights of this presentation will include an overview of Verafin’s approach to financial crime management in the Cloud, leveraging big data intelligence, collaborative investigations and visual storytelling to help credit unions keep ahead of crime, as well as:

  • Discussion of the challenges facing credit unions to mitigate and manage fraud:
    • evolving and emerging threats; growing volume of false positive alerts; siloed operations; and too many systems to manage fraud efficiently
  • Overview of Fraud Detection solutions, including real-time prevention capabilities:
    • in-clearing check fraud; mobile, in-branch, and ATM deposit fraud; wire fraud; ACH fraud; card fraud; online banking fraud; online account takeover; and loan fraud
  • Review of Fraud Management solutions:
    • adaptive fraud alerts; configurable fraud reporting; performance dashboards and workforce management; and automated SAR creation and e-filing

Verafin is proud to be the endorsed provider of Financial Crime Management software for CUNA Strategic Services, and has industry endorsements in 48 states across the U.S.

Verafin is the industry leader in financial crime management solutions, providing a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. Nearly 3000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today.

Tagged as...

  •   Artificial Intelligence
  •   Case Management
  •   Fraud
  •   Fraud Management
  •   Fraud Scams