In May, AuditLink, the audit and compliance division of CU*Answers, announced that for 90 days it would be running a promotional offering for the Abnormal Activity Monitoring full-service. During that limited period, new clients will receive a 50% discount on the service implementation fee.
The CU*BASE Abnormal Activity Monitoring tool was developed to quickly sift through transaction activity from various origins in order to identify accounts that warrant additional research and review. The full-service performed by the AuditLink team includes configuration of the tool, review of account transaction activity, and a monthly report provided to the credit union. Marvin Johnson, AuditLink Team Manager stated, “we ran a similar promotion last spring where the fee to configure the tool was waived. We ended up configuring the tool for about 55 credit unions and we’re hoping to see credit unions take advantage of the full-service promotion as well.”
Monitoring for anomalous activity has become part of the examiner checklist and has been an increased focus of exams. “Examiners are looking to answer this question, “what are you doing to identify and monitor for suspicious or high-risk activity on an ongoing basis?” The abnormal activity monitoring service answers that question,” said Johnson. “Also, in the current environment, we anticipated a surge in the amount of fraud attempts and that has come to fruition. It’s unfortunate but true that fraud perpetrators see times of crisis as an opportunity to take advantage of financial institutions. We want to help our clients manage this risk. The abnormal activity monitoring tool is a great way to do that.”