ORLANDO, Fla. — One approach to preventing fraud is to build Falcon strategies based on previous fraud strategies.Lori Reiss, director of card services for BCU, told Card Analysis Solutions’ school attendees that BCU began to get better about how it handled fraud after its insurer, CUNA Mutual Group, prodded them that they were failing in fraud prevention.“When CUNA [Mutual] came to us and said that we needed to do fraud prevention better, that was a real wake up call for us, and we stood back and said, ‘OK, how are we going to do this differently? What can we do?’”One of the strategies BCU used was to examine all incidents of fraud of over $1,000 in losses and to ask how we can keep this from happening again, she explained. That approach gradually led the CU, working with Falcon, to design some fraud prevention parameters that have given the CU a very strong card fraud protection program, she explained.“What we do is write what we want Falcon to do in plain English, something any of us could understand, and then give it to PSCU to code into language for Falcon. They then test it, give us feedback for what we have said. Sometimes it comes back that the change we want to make would have prevented the fraud but also block 5,000 cards which is obviously not what we wanted to do so we have to go back and tweak that parameter to get it right.”–[email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.