CU*Answers continues fighting fraud with new software features

Beginning in 2018 CU*Answers started on a multi-year project to move from compliance monitoring to fraud prevention as an active feature of the network. The focus is to make the most of the data-rich environment, on the way to building new tools and businesses that can help reduce and mitigate the effects of fraud for credit unions in the network.

With the comprehensive data that’s concentrated within CU*BASE®, the CUSO can gain a global perspective, across multiple channels, that other vendors just can’t get. CU*Answers can also look at people, not just transactions, for a more well-rounded view of who is causing (or being victimized by) fraud. And since CU*BASE authorizes member transactions, CU*Answers is at the point of the request, which means they are in a unique position to stop fraud before it happens.

The first step is to gather the data. A new database will give every network credit union a centralized place to log fraud incidents. CU*Answers will then gather all these stats to form a network-wide picture of fraud affecting the network. This picture will allow credit unions to begin building block lists to stop the bleeding on specific troubled members and accounts.