PSCU Partners With Q6 Cyber to Combat Banking Cybercrime

PSCU, the payments credit union service organization (CUSO), has said it’s partnering with Q6 Cyber, which provides cybercrime intelligence for financial institutions, a press release said.

This will aid it in identifying and responding to cyber threats and fraud quicker and more accurately.

The release notes that Q6 Cyber will collect information from multiple sources, analyze and correlate it to provide targeted, valuable and actionable intelligence to disrupt cybercriminal and fraudulent activity coming at PSCU members.

In addition, other services will include detection of mule accounts, dark web monitoring and analyzing compromised employee credentials.

“Every year, Q6 Cyber identifies millions of hacked or compromised financial accounts, enabling our clients to preempt account takeover and fraud, while also substantially reducing payment card fraud by up to 50% year over year,” said Eli Dominitz, CEO at Q6 Cyber.

Meanwhile, Jack Lynch, chief risk officer with PSCU, noted the proliferation of consumers gravitating to digital world and eCommerce.

“Our partnership with Q6 Cyber is primed to position PSCU to best help our owner credit unions and their members combat cybercrimes, with a goal of stopping these types of fraudulent activities before they can even occur,” he said.

PYMNTS wrote that PSCU also recently announced that OE Federal Credit Union has joined the cooperative for credit and debit processing support and services.

Read more: Labor-Based OE Federal Credit Union Joins PSCU

OE Federal works in construction trades and was founded in 1964.

The release says OE Federal is the biggest labor-based credit union and works in six states and with 125 union groups, holding over $1.4 billion in assets.

Deepak Godhwani, chief financial officer of OE Federal, said PSCU’s history of supporting members and its member-facing tech were some of the strongest draws.