In 2018, credit unions (CUs) added 5.02 Million new members, the fastest in the history that manifests the growing popularity of CUs. However, the financial landscape is consistently challenged by escalating fraud threats & data breaches. This makes it more difficult than ever to safeguard members’ money, especially for smaller CUs. Payment cards, Same Day ACH, checks, and online payment channels are highly vulnerable to fraud attacks and primarily contribute to losses for CUs.
Global Fraud Challenges Faced By Credit Unions
Financial institutions (FIs) are facing the challenge of keeping the constant and evolving fraud threats at bay with minimal false positives. Worldwide card fraud in 2018 was $28.8 Billion and is predicted to touch $42.3 Billion by 2026. The forecast indicates a major speed breaker for the businesses operating within the financial ecosystem is on the horizon. Identity theft is fueling online fraud as cybercriminals are using AI (Bot) to gather legitimate credentials. The average cost of data breaches globally hit $3.86 Million in 2018 apart from check fraud losses that are estimated to exceed $18 Billion each year.
A Platform of Opportunities
Many of you might be heading to The 2019 New York Credit Union Association’s (NYCUA) EXCEL19 Annual Meeting & Convention, which is going to take place at The Sagamore Resort, Bolton Landing during June 13-16, 2019. It is a premier platform which is packed with learning, peers networking, motivational and social events for credit union professionals and volunteers. A team of experts from QPS will be there at Booth #32 to introduce you to the latest FinTech and AI innovations for credit unions.
Technological Competitive Advantage for CUs
Team QPS exhibiting at the event will take you through a case study on how our AI-driven fraud prevention platform – Fraud Reduction Early Detection (FRED®) has been helping multiple CUs and Credit Union Service Organizations (CUSOs) in combating fraud effectively. The smarter solution by QPS provides multi-layer transaction monitoring, facilitating extended security for shared branch transactions. QPS will help you to prevent fraud post CU working hours, during weekends and holidays. Our real-time monitoring approach helped credit unions averted fraud threats ahead of time and saved $12.4 Million during 2018.
Choose the Best for Your Members
QPS with its extensive experience of working with Credit Unions with asset sizes as low as $7 Million to as high as $10 Billion, provides the competitive edge for your CU to match the benefits and services provided by larger banks. Contrary to legacy fraud prevention mechanism that are not fully evolved to deal with sophisticated frauds, QPS dynamic rule management provides comprehensive monitoring with advanced features like automated response alert for members.
QPS provides tailor-made solutions with deeper integrated artificial intelligence and machine-learning fraud prevention approach to penetrate every layer of complex fraud. We customize the solution to the best of your convenience and will even help you to send direct notifications to your members for any fraudulent attack or transaction. The notification feature is explicitly helpful while members make transactions using the shared branch facilities.
QPS propagates FRED® to address fraud threats faced by Credit Unions today by ensuring higher member engagement and profitability by securing CUs against cross channel fraud. FRED® is an artificial intelligence enabled platform which deploys an innovative framework of numerous machine learning algorithms for processing complex data to recognize fraudulent patterns as they occur every second. It provides security against fraud targeting various payment channels including debit/credit card, online/ wire, check, ACH/SDACH.
A brief demo is there for you to explain how fraud is impacting your business and a deeper look at what the best solutions are available to deal with this threat.
QPS Empower Businesses to Fight Fraud through AI & Machine Learning
Give the Best to Your Members
Credit unions located in New York suffer a higher risk as fraudsters are highly active in the district and primarily target the small and middle credit unions. QPS provides the right solution to deal with complex fraud problems and helps to stay stronger and viable. Join us at NYCUA EXCEL19 – Annual Meeting & Convention to experience how QPS’ cross channel fraud prevention approach is helping a leading New York’s Credit Union against complex fraud attacks. Don’t miss our case studies and the FRED® demo as it will immensely help you with business insights for benefiting members through modern fraud prevention solutions.