In response to growing trends of fraud, identity theft, and elderly abuse, the FFIEC and CFPB are urging credit unions to identify and monitor high-risk activity amongst their member base. If they have not done so already, regulators will be asking how you are monitoring high-risk transaction activity through electronic channels.
In the spring of 2021 CU*Answers released a new enhancement to the already effective abnormal activity monitoring platform allowing credit unions to get much closer to the fraud occurring using state of the art pattern recognition functionality.
CFO, Fraud management team members, Compliance professionals
Become proficient on utilization of the new functionality
Develop processes for uncovering fraud
Develop data governance and change management process
Interact with other in the network utilizing the software
- What new fraud vectors may we need to create new patterns for…. Group discussion
- Best practice on utilization of the system including change management and running the tool on a daily basis
- Use of the tracker system and due diligence codes to document findings and determine high risk criticality of accounts