CU*Answers Releases New Fraud Detection Feature for CU*BASE®

CU*Answers released a new feature to CU*BASE, its flagship core data processing system, designed to uncover suspicious or anomalous cross channel activity.  The new feature was originally designed to meet the requirements of the FFIEC guidance letter published in July of 2011 which relates to the monitoring of high risk transactions through internet channels.

Jim Vilker, head of the Audit Link division of CU*Answer Management Services, stated that “the new feature started as a reaction to the FFIEC guidance but during its design stage it was revised to uncover activity across all member transaction channels. He went on to say that “what is vital to this software’s success is the analytical tools which derive normal member activity.”  The software allows credit unions to dial in on high risk activity based upon normal use patterns for the member themselves as well as the membership as a whole.

“We took it to whole new level to not only include the ability to use cross-channel parameters but then also included the ability to configure those transaction types which would uncover elderly abuse as well.”   In completing the training of the new feature it became apparent very quickly on how well the new feature uncovered the types of activity that warrant immediate attention by internal risk mitigations staff.