The behavioral analytics-based FraudMAP Version 4 solution delivers proactive fraud prevention by detecting anomalous behavior and high-risk transactions inconsistent with typical patterns of behavior.
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 ability to proactively detect account compromise, fraud staging and anomalous transactions has resulted in averted losses and significant operational savings for the credit union, Guardian Analytics claimed.
NEFCU estimates FraudMAP saved over 100 hours of staff and management time typically lost to insurance claims, paperwork, customer interaction and other remediation steps, as well as protecting its reputation.
NEFCU chief information officer John De Ieso said that safeguarding the members’ personal information and money is the top priority and Guardian Analytics is an integral part of delivering on that promise.
"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," De Ieso said.
