Customer fraud protection products for banks and credit unions

How to Empower Your Business Customers With Actionable Fraud Prevention Tools to Support Strong Growth in 2019

Posted by Deborah Peace on Nov 28, 2018 9:30:00 AM


Over the last several years, the U.S. economy has seen significant growth in small businesses, surpassing 30 million individual businesses and representing 99.9 percent of all businesses in the U.S. These businesses fuel local communities by creating jobs and revenue, making it imperative that their bank partners help ensure profitability and growth in 2019.

This is especially important as industry forecasts indicate a slight plateau in growth. In fact, Kiplinger expects 2019 growth to slow to 2.7 percent from 2.9 percent this year. In their recent forecast, they go on to explain that while Americans will keep spending at a healthy rate because of higher wages and low unemployment, the tight labor market will make it difficult for businesses to expand.

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Topics: Fraud Prevention

Michigan State University FCU Monitors More Than $8.5 Million in Seven Months with ACH Alert

Posted by Deborah Peace on Nov 7, 2018 9:30:00 AM


Credit union expands business service offerings with positive pay solutions that empower members with greater control over accounts

According to Experian’s 2018 Global Fraud and Identity Report, 65 percent of businesses have experienced the same or more fraudulent activity compared to the previous year, making it critical for financial institutions to empower their corporate account holders with greater control to combat fraud and the financial risks associated with it.

By arming business members with actionable treasury management solutions that are supported by interactive fraud prevention tools, financial institutions can empower business members to proactively prevent check fraud and dispute unauthorized ACH debits in a timely manner, before the funds ever leave their account.

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Topics: Fraud Prevention

How One Credit Union Preps for Growth in Commercial Space & Equips Business Members in the Fight Against Fraud

Posted by Deborah Peace on Oct 17, 2018 9:30:00 AM


According to the 2018 AFP Payments Fraud Survey, instances of fraud reached an all-time high last year – 78 percent of organizations were victims of fraudulent activity. The study also revealed that checks were the most common source of fraud, as 74 percent of survey respondents experienced check fraud. As these numbers grow, many financial institutions, like West Jordan, Utah-based Mountain America Credit Union, have recognized the need for more effective security measures to protect their members from fraud.

Overcoming an Industry-Wide Challenge:

When an unauthorized transaction occurs, businesses are required by regulation to report fraudulent activity within two days compared to the 60-day timeframe allotted to consumers. Such a limited timeframe to report and dispute fraud oftentimes makes it harder for businesses to recover stolen funds. In an effort to attract more business and commercial members, Mountain America Credit Union needed a way to help these members quickly detect and respond to suspicious transactions, specifically checks and ACH debits, and protect their hard-earned funds from fraudsters.

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Topics: Fraud Prevention

Arming Customers with Actionable Online Banking Systems Supported by Real-Time Fraud Prevention Tools

Posted by Deborah Peace on Aug 8, 2018 9:30:00 AM

Today’s online banking systems boast extensive capabilities, from opening an account to setting up automatic bill payments, mobile check deposits and more. Despite these comprehensive feature functionalities, the fraud detection and dispute process remains antiquated for many financial institutions. While online banking systems offer visibility over transactions for account holders, these systems do not allow account holders to take action and protect themselves against suspicious activity.

For instance, when a customer logs into their online banking portal, they can view all of their transactions, including checks, ACH, wire, internal transfers and debit card transactions. However, if the customer notices an unfamiliar charge, like an ACH debit, they can only see the amount and the company that initiated the transaction with no additional details about what the charge was for. From there, the customer must call their financial institution to research the transaction. After the institution researches the transaction, the customer may choose to dispute it. In order to dispute the transaction, the customer must visit the branch and complete a dispute form. After filling out the form, it may be ten days before the customer’s money is back in their account.

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Topics: Fraud Prevention

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