CU*Answers, the 100% credit union-owned CUSO, provides FraudNet service to all of its credit unions using EasyPay bill payment powered by Fiserv at no cost. FraudNet is a centralized fraud detection and integrated case management system that scores each online bill payment and halts the processing of suspicious transactions until they have been reviewed by fraud specialists. The sophisticated FraudNet engine leverages advanced algorithms and proprietary negative file history, making it extremely accurate in detecting fraudulent transactions before they are processed. When a suspicious transaction is identified, CU*Answers contacts the credit union to determine if it is of concern. At that time, the credit union can determine whether to release or stop the payment based on internal procedures.

Jim Vilker, Vice President of Professional Services, Audit Link said, “Since its initial offering in March of 2013, the free service has saved CU*Answers credit unions over $180,000 from fraudulent transactions.”

Said Scott Page, EVP of CU*Answers, “Unlike much of the cooperation we see in the marketplace, which generally has no material impact on the credit union’s bottom line, we feel that working with our member-owners to provide this service was a prime example of the true power of cooperation. We uncovered over $20,000 of suspicious transactions in just the second day of testing. This will be a tremendous asset for our network of credit unions.”