CU*Answers, the 100% credit union-owned cooperative data processing CUSO, announced Friday that it would provide the FraudNet service to all of its credit unions using EasyPay bill payment powered by Fiserv at no cost. FraudNet is a cutting edge bill pay fraud detection system that uses real-time, state-of-the-art algorithms to help credit unions meet FFIEC requirements to monitor suspicious activity on high risk accounts.

“Starting March 1^st, we will be providing this valuable service to our clients and owners gratis,” said Scott Page, EVP of CU*Answers. “We feel that cooperating with our member-owners to provide this service was a prime example of a true differentiator from the typical form of collaboration we sometimes see in the marketplace – that generally has no material impact on the credit union’s bottom line.  Utilizing this service in testing, we uncovered over $20,000 of suspicious transactions in just the second day of testing. This will be a tremendous cooperative asset for our credit unions.”