CU*Answers announced that in response to growing trends of fraud, and regulatory agencies urging credit unions to keep a close eye on member activity, CU*Answers is providing a popular tool allowing for credit unions to better monitor high risk activity within their membership.

The 100% credit union-owned CUSO added that its Abnormal Activity Monitoring dashboard, which is provided free to any credit union utilizing its CU*BASE^® processing system, is uniquely designed to help staff more easily perform their due diligence as it pertains to fraud and monitoring special situations. The feature does so by electronically sifting through member transactions to find those that are either abnormal or high risk according to parameters set by each credit union and trends in member activity.

One way in which the system allows a credit union to set parameters is to review transactions based on the transaction type. Representatives mentioned several common origin types include teller, ACH, debit/ATM, credit card, audio response and share drafts. Each credit union is then able to define ranges (number of transactions and dollar amounts) for a month’s worth of transaction activity that the credit union would consider as normal, abnormal, and high risk for the group. They concluded by stating that credit unions utilizing this tool were able to more easily and carefully track member activity via nearly every delivery channel, trend this activity over time, and focus upon specific situations requiring greater attention in a faster, more efficient manner.