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CU System
Study Vendor partnerships key to fighting fraud
BOSTON (4/21/09)--Credit unions plan to increase their efforts to fight fraud, and vendors should work on creating strategic partnerships to present more complete solutions, according to a recent study. Fraud is a serious concern for financial institutions, and credit unions spend millions of dollars each year on solutions to prevent attacks, Boston-based Aite said in its new report, “Fraud Management at Retail Banks and Credit Unions: The Vendor Landscape.” "The sheer number of fraud management vendors used by financial institutions speaks to a lack of ability for any one vendor to address the gamut of fraud management needs," said Nick Holland, senior analyst with Aite Group and author of the report. "Vendors looking at the fraud management landscape for financial institutions should realize that institutions are likely to gravitate to vendors that can provide fewer touchpoints to the overall fraud picture. Vendors should explore strategic partnerships in order to present a more complete offering,” he added. The report is based on a November 2008 survey of executives at 23 of the top 150 U.S. financial institutions. It reveals financial institutions’ perceptions of fraud management technology vendors and ranks vendors in four areas: new account opening fraud detection, ID verification, authentication and ID fraud monitoring; fraud database; enterprise fraud case management; and check fraud detection.


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