WASHINGTON — In an effort to keep up with members' ever-changing security and human resources needs, CUNA's for-profit arm, CUNA Strategic Services, has added three new strategic partners while enhancing another's offerings.
For their Bank Secrecy Act compliance needs and avoiding fraud, CSS has teamed up with Verafin for the company's artificial intelligence technologies that are able to detect patterns to hunt down money laundering and fraud.
The offering covers the Federal Financial Institutions Examination Council's BSA/Anti-Money Laundering Examination Manual requirements, including automating Currency Transaction Reports, streamlining suspicious activity reporting, monitoring the Office of Foreign Assets Control's watch list, various frauds, and even can gauge the risk a member presents.
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With this program, Verafin's Andrew King remarked, "Smaller credit unions can take advantage of the analytics and functionality that larger institutions have access to."
CSS Senior Vice President Wes Millar noted, "The advent of terrorist financing combined with a growing complexity of money laundering schemes has spurred NCUA examiners to place an intensified regulatory focus on anti-money laundering compliance."
CSS has also signed up with LifeLock, a company that uniquely works to prevent identity theft before it even happens. The company is so sure of its product, Vice President Don Gillespie provided his Social Security number to reporters on the spot. The product works by making the information unusable to thieves by constantly placing active fraud alerts on member accounts with the major credit bureaus, giving them control over who reviews their credit reports and allowing them to authorize address changes or opening lines of credit. LifeLock also offers a $1 million guarantee in addition to fixing any problems a client might have if their information is ever compromised.
Credit unions can offer the service free to members or at a discounted rate and coverage is available for children.
Additionally, HRValue Group has inked a deal with CSS to offer a full-service HR department and consulting firm. Product offerings include executive and staff recruiting, outsourcing, compensation system and benefits analysis, as well as succession planning tools. "The thing that makes HRValue Group unique…is that it is a credit union system centric company," HR Value Group President David Adams, also Michigan league president/CEO, said.
He added, "Succession planning is a big need right now because of the high rate of projected turnover. We offer processes to assure the smooth transition you will need through that."
CSS has added to the value of its existing partnership with TraceSecurity with the announcement of a free toolbar, TraceAssure, to help verify the authenticity of Web sites and thwart phishing attacks. Credit unions can register their sites with TraceSecurity free of charge to be added to a "whitelist" as authentic sites. The technology then monitors for fraudulent redirection through the domain name and IP address.
TraceSecurity CEO Peter Stewart stated, "TraceAssure's primary goal is to stop phishing, pharming, and man-in-the-middle attacks."
Millar added, "Created specifically for the financial services community, this toolbar can help protect credit unions and their members from potentially millions of dollars in losses."
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