The new monitoring option includes select features from the full offering and provides monitoring and guidance without the cost to the credit union of hiring additional staff, PSCU said Monday (Nov. 28) in an emailed statement to PYMNTS.
“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,” Jack Lynch, chief risk officer and president of TriVerity at PSCU, said in the release. “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.”
PSCU’s enhanced fraud services tool, which was launched in 2020, analyzes each credit union’s catalog of fraud events and then provides a customized approach to address that credit union’s particular fraud concerns, according to the press release.
With this and other technologies and best practices, PSCU has stopped $500 million in potential fraud for its owner credit unions and their clients over the past year, the release said.
Credit unions must embrace a holistic approach to the battle against fraud, Lynch told PYMNTS in a January interview.
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Lynch added that providing innovative products that meet the members’ needs for cost-effective, convenient, easy-to-use, secure financial services “will be key to retaining those members and preventing them from going elsewhere and seeking products and services from other FIs [financial institutions].”
