Strategic Link Partner, Verafin, to Host Cyber Security Demonstration for Credit Unions
January 21, 2020
In today’s digital landscape, it is imperative that credit unions are vigilant about defending against cybercrime, which is estimated to do $6 billion in damages annually by 2021.
Scammers target companies with understaffed and inexperienced cyber security personnel. This issue touches every industry, including the credit union industry. Hackers will use every available channel to target a credit union, including exploiting the speed and convenience of ACH payments and wire transfers for their schemes. Whether it’s a single, large-value wire that’s gone in seconds or several small ACH transfers that are just under your reporting threshold, the potential for loss is very real.
But there is a way to combat this ever-present threat. Strategic Link partner, Verafin, is here to help credit unions spot the scams quickly and stop them in their tracks.
“When it comes to credit unions’ ever-growing demand for reliable fraud detection, Verafin leads its industry,” said Vice President of Strategic Resources, Jason Smith. “Since 2003, the company has used cutting-edge fraud detection software to equip credit unions with the tools they need to protect their own and their members’ assets. Verafin is an essential partner to have in battling cyber security threats.”
Join Verafin, the industry leader in enterprise Financial Crime Management solutions, on Jan. 22 from 9:30 to 10:30 a.m. Pacific Standard Time, 10:30 to 11:30 a.m. Mountain Standard Time, for a discussion on the trends and challenges facing credit unions in combating fraudulent transfers. Verafin will demonstrate how its Financial Crime Management platform leverages big data intelligence for real-time detection of wires and ACH to protect credit unions and their members from financial loss.
This essential demonstration will cover the following topics:
- Trends in payments fraud, such as business email compromise, third-party scams, and first-party fraud through A2A/P2P systems, including Zelle transfers.
- Big data intelligence for false positive reduction and payee confidence that improves alert quality by looking across the Verafin cloud for known payments into new and altered accounts, as well as customer demographics and history.
- Cross-channel fraud analysis with integrated account takeover analytics and wire, ACH, and P2P fraud analysis for robust online anomaly detection.
- Wire fraud detection, including real-time integrations to proactively detect unusual outgoing wire transfers, as well as incoming payments to potential money mules.
- ACH fraud detection for both consumer and business accounts, including real-time integrations to uncover unusual WEB deposits/payments, business payments, and payroll diversion.