New York CU Takes Proactive Approach to Fight Fraud, Meet FFIEC Guidelines
Fighting increasingly sophisticated forms of fraud and complying with increasingly stringent Federal Financial Institutions Examination Council guidelines can be daunting challenges for credit unions, especially with members flocking to online and mobile services.
As part of a four-year strategic plan to strengthen security, The Summit Federal Credit Union in Rochester, N.Y., was searching for a cost-effective, user-friendly solution to meet FFIEC guidelines and protect its 75,000 members, including about 25,000 online banking users and 10,000 mobile users.
Selecting the best solution wasn’t easy, Vieira said, with so many new fraud prevention products and services entering the marketplace. Like other CUs of their size, he said, The Summit FCU needed a solution with low operational impact that did not require additional resources to train employees or manage the system. Plus, the CU wanted to streamline the FFIEC audit process.
For The Summit FCU, he said, FraudMAP provides these benefits: