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PSCU Saves Over $277 Million in Fraud for Owner Credit Unions

PSCU says it utilizes a multi-layered method to fight fraud, employing a number of technologies and best practices.

PSCU discusses fraud prevention. PSCU discusses fraud prevention. (Source: Andranik Hakobyan/Shutterstock)

The St. Petersburg, Fla.-based payments CUSO PSCU reported it prevented over $277 million in potential fraud across multiple channels including the point of sale, contact center, online and other channels.

This fraud avoidance by PSCU for owner credit unions and members in 2019 represented an increase of $67 million (more than 30%) compared to 2018. PSCU said it continues to invest in “best-in-class” fraud-fighting tools, including machine learning and data analytics capabilities across multiple channels, while continuing to deliver a member experience with a 99.6% transaction approval rate.

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Roy Urrico

Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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