Rosemont, Illinois, September 2, 2014: - Bethpage FCU ($5.6 billion in assets) of Bethpage, New York took a tough stance against fraud and received an astounding payback. The progressive credit u nion leveraged solutions from QPS and Fortress ERM for a powerful combination that detects, manages and prevents card fraud. The combined solution leveraged all three critical legs of a fraud management strategy: people, process a nd technology.
QPS provided the people and process components with expert S ix S igma trained fraud analysts who designed a customized process to resolve fraud cases and evaluate and enhance existing fraud rules while providing detailed fraud monitoring.
Over the course of the pilot , QPS’s expert fraud analysts dissected nearly 6 , 0 00 card transactions alerted by Bethpage’s rules engine to cut false positives, enhance rules development, and detect fraud. F raud coverage was also extended to monitor ACH and wire fraud. This service was provided as an extension of Bethpage FCU’s fraud staff on a 24X7 basis in cluding weekends and Holidays. Quattro and Bethpage FCU collaborated on key measures of success for t he pilot with QPS meeting each of those objectives. QPS held weekly production calls with rules recommendations and fraud trending to keep Bethpage FCU informed.
"Our use of QPS's Managed Services allowed us to seamles sly and effectively extend our existing staff into after hours, weekend and holiday coverage to match the never ending efforts of the fraudsters. Their collaborative approach to partnering with Bethpage and our combined laser focus on transaction monito ring has resulted in quite significant confirmed fraud saves and a higher level of member service", said Robert Hoppenstedt, SVP Operations and Marketing, Bethpage Federal Credit Union.
For each dollar Bethpage FCU invested into QPS they experienced nearly a $6 return in fraud saves. “ We took a collaborative approach to building this out balancing both service delivery with cost to drive a high ROI ,” said Kevin Spear, SVP Business Development, QPS. “We could n’t have been more pleased with the outcome.” Due to the highly successful pilot, Bethpage FCU has extended its contract with QPS through the end of 2014.
Fortress ERM provided the link to proprietary fraud management technology. All card transacti ons were routed through Fortress ERM’s sophisticated, yet highly customizable, Enterprise Fraud Bethpage FCU Takes Tough Stance on Fraud and Prevails Management platform. The platform included hundreds o f rules and a sophisticated scoring algorithm to flag potentially fraudulent transactions. QPS’s frau d analysts used the platform’s intuitive work pad to manage caseloads for the credit union.
About Bethpage FCU
Bethpage FCU is a top 20 credit union with $5.6 billion in assets serving 237,000 members in New York (the State’s largest credit union). After serving the employees of Long Island's largest organizations, including Computer Associates and BAE, for 62 year s, Bethpage FCU began serving all Long Islanders after a community charter application was unanimously approved in September 2003. Since its humble beginnings, Bethpage FCU has been serving its members with a clear vision: A commitment to extraordinary v alue and service...anytime and anywhere.
QPS is a global company consisting of over 2,500 associates worldwide with a 7 year track record in Business Processing Services (BPS). QPS is a U.S. d ivision providing risk and fraud management, and card processing services. We offer an integrated suite of managed services and a highly - effective cross - channel fraud prevention platform called EnterpriseShield TM . Our fraud services cross the entire risk cycle spanning credit and debit cards, checks, ACH, wire, loans and more. By leveraging our a nalytics and t ransaction m onitoring solutions, your organization can more effectively manage your core competencies resulting in increased fraud savings, streamlined operations and improved business processes.
For more information , contact Michael Borrelle at Michael.email@example.com or ( 845 ) 835 - 8065 .