CU*Answers, the West-Michigan based cooperative CUSO, offers a free fraud detection service that detects potential fraudulent activity over all scheduled bill pay transactions.  The great advantage of this system is that it detects suspicious activity prior to it happening and stops the transaction before it is scheduled to post.  FraudNet™ is a fraud prevention software offered through Fiserv, one of CU*Answers bill pay vendors.

“In August, FraudNet detected $167,937.22 in potential fraud, and $1,850.00 of which was confirmed as actual fraud for our clients’ members”, stated Angel McConer, SettleMINT EFT Representative. Angel is one of the SettleMINT Team members responsible for monitoring FraudNet, and alerting clients of suspicious activity on their member’s accounts.

CU*Answers SettleMINT Team handles all EFT related products, including ATM/Debit & Credit Cards, Instant Issue Cards, Bill Pay, Compromised Card Support and Shared Branching.  SettleMINT also offers consulting to help their Credit Union Clients maximize their investment in EFT products and features.