Fintech Round-Up: CU Partnerships Spotlight Fraud Control, Financial Wellness

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Fintech leaders are continuously developing new tools that they hope will solve common problems encountered by credit unions. Among the latest technology being leveraged by credit unions are solutions that address fraud, member expense tracking and member retention.

The Berkeley, Calif.-based Access Softek announced two credit unions – the $1.28 billion, Albuquerque, N.M.-based U.S. Eagle Federal Credit Union and the $849.8 million, Odon, Ind.-based Crane Credit Union – signed on for the digital banking platform provider’s Real-Time Fraud Control solution. According to Access Softek, the solution helps members and credit unions thwart fraud before it starts by using machine learning and a deep neural network to pinpoint which behaviors are “in-pattern” and “out-of-pattern” for digital banking users. If an out-of-pattern behavior is detected, the user will be required to complete an additional verification step.