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Written by Karl Kaluza
on February 27, 2018

Fraud detection systems are absolutely crucial in protecting the members of your credit union. While it's become an industry standard to have systems in place, how do you tell if they're doing their job well? We'll look at ways to measure the quality and ensure you're doing the most to protect your customers.

Fraud does not only affect the trust of your credit union members, but it can also impact your credit union’s bottom line. In fact, credit and debit card fraud cost financial institutions around the world $21.8 billion in 2015. This is why it is vital to not only have a fraud system in place but to also have the technology to measure the quality of your program to ensure it is protecting your members as well as your credit union.


Member Access Pacific (MAP) has cutting-edge technology designed to help credit unions streamline their fraud program and protect them from fraud losses. Falcon Fraud Manager is a system that detects fraud in real-time. This means in 40 to 60 milliseconds the program is able to run 15,000 fraud detection calculations for each time your member swipes their debit or credit card. Falcon Fraud Manager can complete scans quicker than the average Google search which takes 200 milliseconds, and the time it takes you to blink your eyes which is 300 milliseconds. 


In addition to speed, MAP’s fraud detection system looks at key pieces associated with each transaction such as amount, merchant profile, time of day, account history, location and more. By monitoring these individual components of the transaction, the system is able to reduce fraud.


Falcon Fraud Manager is easy to implement and completely customizable to meet the specific needs of your credit union. MAP’s team will assist you in establishing custom anti-fraud strategies as well as help you measure the success of your program in real time through our systems reporting tools.


 Other benefits of MAP’s fraud detection solutions include: 

•Falcon Debit Scoring Engine calculates an individual score for each transaction based on factors like the cardholder and transaction data. When scores indicate fraud, the system sends an alert to a fraud analyst along with opening a fraud case.

• Falcon Expert allows your credit union to automate the fraud detection process saving your valuable time. Credit unions can customize the fields to create rules that match their fraud detection program.

• Authorization Edit Checks enable you to set cash and point-of-sale limits for periods of time to help limit your exposure to fraud.

Fraud detection services are a product members expect their trusted financial partners to have. Make sure your fraud detections solutions are doing their job by saving your credit union and members money. Contact MAP today to bring Falcon Fraud Manager to your credit union.


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