Guardian Analytics, the innovator in predictive analytics-based fraud prevention software, today announced that First Community Credit Union (FCCU) has deployed FraudMAP® for Retail Banking to proactively protect its online and mobile banking channels from the sophisticated fraud attacks that are draining millions from financial institutions worldwide. As a leader among credit unions offering online banking services for deploying cutting-edge technology, FCCU sought to reduce the risk of its advanced online services and iPhone application by adopting technology to combat online and mobile fraud.
With $1.7 billion in assets, 35 branches and 185,000 members, FCCU has approximately 50,000 online members. It is the largest credit union in St. Louis and the second largest in Missouri, serving members from retirees to young adults who use its online and mobile banking services.
With member service and convenience as a key factor in strengthening security, FCCU sought a solution that would identify fraud and be non-intrusive to its members’ online and mobile banking experience. FCCU was impressed with FraudMAP’s use of behavioral analytics at the individual member level to identify potentially fraudulent activity, as well as how FraudMAP visually presents rich behavioral history for fast investigation and forensics.
FCCU has found the solution both easy to use and comprehensive in protection against a broad range of threats. FraudMAP prioritizes the highest risk member sessions that need investigation with rich behavioral data about individual members such as when they log on and for how long, and what activities they do during their online banking sessions. This data gives FCCU the information needed to determine how and when to proactively intervene. Multiple departments at FCCU benefit from the data in FraudMAP, including the member service center, accounting, and the credit card and loan servicing divisions.
“As fraudsters get more and more sophisticated, the key is to stay proactive,” said Shannon Johnson, Manager of eCommerce Services, First Community Credit Union. “When it comes to online banking, there is simply no choice but to stay ahead of the game and Guardian Analytics’ FraudMAP allows us to take that competitive position and guard against the widest array of threats for all our members. We feel every financial institution should add a product like this to their lineup.”
“Credit unions and banks of all sizes are recognizing the importance of investing to safeguard their account holders and their own institutions from the growing threat of online banking fraud, even if they haven’t been attacked yet,” said Terry Austin, president and CEO, Guardian Analytics. “FraudMAP offers a holistic and cost-effective solution that stops fraud attacks before money leaves the bank and allows institutions to offer enhanced online services with the confidence they are protected.”
About First Community Credit Union
First Community Credit Union has been operating for over 75 years and serves over 185,000 members. First Community is in the top 100 credit unions in the nation. Its mission is to provide quality products and affordable financial services. It serves all persons living and working in the Missouri communities of St. Louis County, St. Louis City, Franklin County, Jefferson County, St. Charles County, Warren County, and the Illinois counties of Madison, Monroe and St. Clair.
About Guardian Analytics
Headquartered in Los Altos, Calif., Guardian Analytics is focused on the prevention of online account fraud. The company’s risk management approach to fraud detection, forensics and risk monitoring is built on strong analytics and predictive models of individual behavior. Over 30 institutions rely on Guardian Analytics to protect individual account assets and the integrity of their online channels. Founded in 2005, Guardian Analytics is privately held with venture funding from Foundation Capital and Sutter Hill Ventures. For more information, please visit www.guardiananalytics.com.
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