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Written by Karl Kaluza
on February 13, 2018

Financial Crime Risk Management (FCRM) is more pivotal than ever. Your customers are concerned about protecting their assets and it's up to you to give them that assurance. FCRM offers a high-level view of threats and means to keeping your customers' accounts safe. We'll break down what it looks like in practice and how your credit union can implement it today.

Living in an age of technology has numerous benefits as well as drawbacks like cybercrime. By the time you brush your teeth in the morning, cybercriminals have stolen about 20,000 data records in a matter of minutes. The average cost of a data breach is roughly $7.35 million and the cost per data file stolen is about $380 for financials.

 

Credit unions need to be prepared for financial crimes, not only to protect their bottom line but also the trust of their members. Member Access Pacific (MAP) provides financial crime risk management solutions designed to meet the needs of credit unions.

 

With Falcon Fraud Manager you can monitor your member’s accounts in real time down to the millisecond. The Falcon software has the power to run 15,000 fraud calculations in a matter of 40-60 milliseconds. So when your members swipe their credit or debit card they can have peace of mind knowing their trusted financial partner is looking out for them.

 

If your credit union members ever have an issue with fraud, MAP offers fraud call center services that are available to answer any questions your members may have. This call center service line also proactively monitors your members’ accounts to detect and reduce fraud -- saving your credit union time and money.

In addition, to call center services, MAP’s Falcon product also offers real-time decisioning capabilities. This feature allows Visa fraud experts to flag any potential transactions as fraud using decisioning methods so your credit union staff can focus on other duties like day-to-day operations. Visa will work with you to identify what rules will fit your credit union’s unique needs.

 

Verified by Visa is another tool MAP’s risk management suite offers. It provides an extra layer of online security to your members when they are making purchases. This technology is based on 3-Domain (3-D) SecureT protocol which is a security standard for most online purchases.

 

When you partner with MAP, we will work with you to understand the tools available to manage your fraud program. Risk Services Manager is an easy to use online application that allows you greater control over your fraud strategies. With this program you can test and publish new fraud rules in real time, so you can respond to changing needs immediately.

 

MAP’s comprehensive risk management services offer all the technology credit unions need to protect their members as well as their assets. Data breaches and cybercrimes are not going away, so credit unions need to remain vigilant to protect themselves. Contact MAP today to learn how you can bring risk management to your credit union and begin to reduce your risk of fraud.

 

 

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