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When it comes to stopping fraud, the $9.6 billion Boeing Employees Credit Union is trying to stay two steps ahead of scammers attempting suspicious transactions. |
It is critical to have the ability to stop crime in real time, said John Snodgrass, security risk manager and Bank Secrecy Act and anti-money laundering compliance officer at the Tukwila, Wash.-based credit union.
For nearly three years, BECU has used the Falcon Real Time fraud detection tool from CO-OP Financial Services. The product aims to protect members from debit and ATM card fraud by allowing credit unions to detect high-risk transactions before the authorization decision occurs.
"It's been a huge benefit for BECU because it allows us a lot of flexibility," Snodgrass said. "We have something in place in real time that just doesn't catch transactions on a couple charges that come through. We can tell it to look for certain transactions, which has helped us."
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