Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

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.


RSS print
News Now LiveWire
The Hill reports House Republicans plan to delay Aug. recess to stay in D.C. until they have enough votes to pass bill on border crisis.
17 hours ago
The FHLBs of Des Moines and Seattle announce they have entered into an exclusivity arrangement regarding potential merger of the 2 entities.
17 hours ago
SunCorp and @AlloyaCorp have announced their intent to merge.
20 hours ago
.@TheNCUA bars former employee of Southwest Communities FCU,Melissa Rosing,from work at any federally insured FI. http://t.co/owtVnPxVZT
20 hours ago
Fryzel added @TheNCUA is fed. governmt, thereby will B criticized, but always tried 2 do what is right. McWatters still 2 B sworn in.2of2
22 hours ago