New Intelligent Fraud Decisioning solution further enhances user experience and fraud protection
St. Petersburg, Fla. — (April 4, 2023) — PSCU, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider, today announced the introduction of its new Intelligent Fraud Decisioning solution. 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.
Designed to detect and block true transaction fraud while reducing false positive rates, PSCU’s next-generation decisioning engine leverages 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.
“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’s 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. 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.
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.
“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.”
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. 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, the CUSO stopped nearly $530 million in potential fraud for its Owner credit unions and their members.
About PSCU
PSCU, the nation’s premier payments CUSO and an integrated financial technology solutions provider, supports the success of more than 2,400 financial institutions and processes nearly 7.7 billion transactions annually. Committed to service excellence and focused on continuous innovation, PSCU’s payment processing, fraud and risk management, data and analytics, digital banking, strategic consulting and real-time payments platforms, along with 24/7/365 member support via its contact centers, help deliver personalized, connected experiences. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 45 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit pscu.com.