TAMPA, Fla. -- Florida's largest credit union says it's generating more checking account business through its new fraud-prevention solution.
Suncoast Schools FCU is using DepositShield, a relationship screening and deposit verification service from Fidelity National Information Services.
The Web-based system uses real-time authentication and deposit-risk analytics, along with FIS' fraud analysts, to detect and prevent problem deposits and help credit unions meet compliance regulations.
The $5.8 billion CU says it already has seen a bump in new accounts since deploying DepositShield earlier this year.
"Credit reports offer a historical view, and DepositShield combines FIS' analytics with an up-to-date industry-wide view of deposit account fraud," says Jon Rasmussen, vice president of card services at Suncoast Schools (www.suncoastfcu.org). "Checking accounts that we might have declined using only credit bureau information could be approved using DepositShield."
Tampa-based Suncoast Schools has more than 426,000 members served by 45 branches in 15 Florida counties. Jacksonville-based NFIS (www.fidelityinfoservices.com) provides processing and other technology services to more than 7,600 financial institutions in more than 60 countries.
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