Source: Guardian Analytics
Guardian Analytics, the innovator in predictive analytics-based fraud prevention software, today announced that NEFCU, a Long Island based credit union, has implemented FraudMAP® Version 4 for Retail Banking to protect its online banking channel from the growing threat of fraud.
NEFCU selected FraudMAP to enhance member service and proactively defend against today's increasingly sophisticated online fraud attacks.
"NEFCU chose Guardian Analytics to meet our goal of providing state of the art solutions to facilitate a more secure Internet banking experience," said John A. De Ieso, chief information officer for NEFCU. "Safeguarding our members' personal information and money is our top priority and Guardian Analytics is an integral part of delivering on that promise."
FraudMAP is a major part of NEFCU's layered security strategy designed to identify member accounts that have a high potential for fraud before money is transferred. FraudMAP's unique ability to proactively detect account compromise, fraud staging and anomalous transactions has already resulted in averted losses and significant operational savings for the credit union. NEFCU estimates FraudMAP saved more than 100 hours of staff and management time typically lost to insurance claims, paperwork, customer interaction and other remediation steps. Further, the credit union protected its reputation and its members' time and peace of mind.
"FraudMAP's approach is proving to be a stronger fraud defense than tracking Internet Protocol (IP) addresses or calling customers; strategies today's fraudsters have learned to subvert," added De Ieso.
FraudMAP Version 4 enables financial institutions of all sizes to benefit from sophisticated online fraud protection. The behavioral analytics-based solution delivers proactive fraud prevention by detecting anomalous behavior and high-risk transactions inconsistent with typical patterns of behavior. With FraudMAP's Software-as-a-Service (SaaS) delivery model and turnkey deployment methodology, institutions can be up and running in as little as a few days.
"We're seeing more and more institutions take control of the fraud problem and implement a new generation of online fraud detection solutions," said Terry Austin, chief executive officer of Guardian Analytics. "NEFCU joins a fast-growing family of credit unions and banks successfully using behavioral analytics to protect their members improve operational productivity and safeguard their reputation."