TAMPA, Fla.–PSCU has announced it is rolling out a new Intelligent Fraud Decisioning solution. The introduction of the new offering comes as the company is hosting its annual Member Forum here.
“Utilizing cognitive artificial intelligence (AI) and advanced data analytics, this upgraded offering facilitates a best-in-class transaction fraud decisioning experience for credit unions and their members,” the CUSO said.
According to PSCU, the new offering is designed to detect and block true transaction fraud while reducing false positive rates, with its next-generation decisioning engine leveraging AI and machine learning technologies to enhance fraud pattern identification, automatic rule generation and internal operational alerts.
The improved analytics and automations are bolstered by fully integrated data sources and extended data retention, as well as real-time authorization and fraud scoring, PSCU added.
Commitment to Being ‘Innovative’
“As an integrated financial technology solutions provider, PSCU is committed to providing innovative, reliable services that combat fraud while improving experiences for credit unions and their members,” said Jack Lynch, chief risk officer and president, TriVerity at PSCU. “As fraud attempts continue to become more sophisticated, we are pleased to offer this new Intelligent Fraud Decisioning solution to elevate our Owner credit unions’ fraud risk detection while minimizing impact to members.”
PSCU said its Intelligent Fraud Decisioning solution will be available starting Spring 2023.
“In addition to combating fraud losses, the solution’s intelligence and capabilities create better issuer and user experiences,” PSCU said. “Intelligent Fraud Decisioning also boosts operational efficiency by saving credit unions time analyzing fraud data, while increasing productivity and performance by consolidating various functions, data sources and services in the fraud decisioning environment. The solution’s automated rule generation makes decisioning more efficient, equipping credit unions with understandable rules and scenarios from past data learnings, simplifying model governance processes.”
Increased Visibility
PSCU said the new offering means credit unions will also have increased visibility to why automated decisioning flagged a transaction as potentially fraudulent – and have the ability to alter the decision if desired. Other key advantages for cardholders include expedited transaction processing and improved false positive rates, it added.
“PSCU’s Intelligent Fraud Decisioning solution produces exceptional user experiences that, combined with enhanced fraud protection, drive continued card use and confidence among credit union members,” said Karen Postma, managing vice president, Risk Analytics and Fraud Services at PSCU. “The upgraded decisioning engine will facilitate retention and revenue growth for credit unions while staying ahead in the fight against fraud.”
Follows Earlier Announcement
According to PSCU, the introduction of Intelligent Fraud Decisioning follows PSCU’s November 2022 announcement of its Enhanced Fraud Services offering expansion.
“PSCU employs a data lake approach to combat fraud, utilizing a number of technologies and best practices to block fraud at the point of sale, in the contact center and online, among other channels,” the company stated. “This includes PSCU’s proprietary Linked Analysis, developed by PSCU’s in-house fraud experts to prevent fraud before it happens by leveraging cross-network analytics.”
Over the past year, PSCU reported it has stopped nearly $530 million in potential fraud for its member-owner credit unions and their members.
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