Top 15 Credit Union Chooses FraudMAP(TM) for Multi-Channel Fraud Prevention LOS ALTOS, Calif., June 24
LOS ALTOS, Calif., June 24 /PRNewswire/ -- Guardian Analytics, a provider
of online account fraud prevention software for financial services
institutions, announced today that DCU (Digital Federal Credit Union) of
Marlborough, Mass. has selected FraudMAP(TM) to be an integral part of the
financial institution's fraud prevention strategy. By deploying FraudMAP, the
350,000-member credit union expects to deliver detailed, accurate fraud alerts
to its internal fraud operations team in order to prevent online fraud
attempts, as well as improve its ability to prevent multi-channel fraud
schemes that involve online account compromises.
The largest credit union in New England, DCU ranks among the 15 largest
credit unions in the U.S. and has been the fastest growing credit union in the
country over the past decade. Historically, DCU has been an innovation leader
among financial institutions for its online service offerings. In 1995, DCU
became the third credit union in the U.S. to have a website, and by 2002, 54
percent of DCU's members were already active users of its online banking
service. By implementing FraudMAP, DCU will ensure its extensive base of
online users is protected from never-ending threats posed by fraudsters.
"DCU always looks for the best ways to protect our popular online channel
and most importantly our members," said Craig Roy, vice president of support
services. "Guardian Analytics' FraudMAP is a best-in-class solution that fits
right into our existing processes and Digital Insight online banking
infrastructure. FraudMAP is also transparent to our members and will not
impact their online experience."
The FraudMAP implementation will reduce the volume of alerts and false
positives experienced with prior approaches, and will also expedite
investigations. Additionally, DCU will rely on FraudMAP to detect
multi-channel fraud schemes in which the fraudster uses a compromised account
to gather information that enables a fraudulent transaction via a different
channel, such as check fraud. The lack of suspicious online transactions makes
it difficult for financial institutions or its customers to identify and
understand the impact that these compromises have on overall fraud. FraudMAP's
Dynamic Account Modeling(TM) automatically and reliably detects when any
online activity is inconsistent with expectations for that member account.
Thus, breaches are detected before the information can be stolen and used
maliciously in other channels.
"DCU recognizes the evolving threat to the online channel and has
repeatedly demonstrated its commitment to staying ahead of the fraudsters,"
said Tom Miltonberger, president and CEO, Guardian Analytics. "By entrusting
online account security to Guardian Analytics, every DCU member can be sure
that the credit union is taking the best possible steps to protect their
assets and personal information."
About DCU
Headquartered in Marlborough, Mass., DCU (Digital Federal Credit Union) is
a full-service, not-for-profit financial institution cooperatively owned by
and operated for its members. DCU was chartered in October of 1979. Since
then, it has been chosen as the credit union for employees and members of more
than 700 companies and organizations. DCU has more than $4 billion in assets
and serves more than 350,000 members in all 50 states. DCU has full-service
branch offices in Massachusetts, New Hampshire, Georgia and Colorado. For more
information, please visit https://www.dcu.org.
About Guardian Analytics
Headquartered in Los Altos, Calif., Guardian Analytics is focused on the
prevention of online account fraud. The company's real-time risk management
approach to fraud detection, forensics and risk monitoring is built on strong
analytics and predictive models of individual behavior. Leading financial
services 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. For
more information, please visit http://www.guardiananalytics.com.
SOURCE Guardian Analytics
