Jack Sundstrom, chief product and marketing officer for ID Insight, wrote and article for Credit Union Times called, “Why Credit Unions Must Root Out Non-Monetary ATO Schemes at Three Levels.” The article explains why CUs need to have controls and systems in place to detect: 1.) Common ATO Schemes; 2.) New ATO Variants; and 3.) Emerging Fraud Rings and Schemes.
To fight fraud at these three levels, Jack says, financial institutions are looking for platform-based fraud-detection solutions that connect with their member database via API or a core processor relationship. Platform-based solutions run silently behind the scenes, springing into action when there’s a change to a member address, email or phone number.
According to Jack, the most efficient and effective platform-based ATO solutions will be able to screen across:
- A shared network of financial institution data – to see velocity and fraud-ring behavior;
- Branch, call center and digital channels – to detect cross-channel attacks; and
- Large datasets of identity information – to reduce false positives that create member friction.
To learn more about the three levels of fraud schemes and how to quickly detect them them, read the full article (posted on January 9) on our LinkedIn page.