News

CU24 taps FICO Card Alert Service for ATM fraud monitoring

The company says that it will rely on the service for fraud monitoring on more than 325,000 ATMs used by credit union members.

March 21, 2016

CU24 has teamed with FICO for its card alert service, which detects fraudulent activity by monitoring bank and nonbank ATMs in the United States, as well as point-of-sale card devices at retailers.

According to a press release from CU24, FICO Card Alert Service monitors activity at 325,000 ATMs, immediately sending alerts when device compromises are detected.

The FICO service combines predictive analytic software and investigative techniques with the goal of pinpointing compromised debit cards early so that institutions can stop fraud at its inception, before significant losses occur.

Approximately 70 percent of all daily PIN traffic in the U.S. is vetted by the FICO Card Alert Service the release said.

"FICO Card Alert Service works like a detective," said T.J. Horan, vice president of fraud solutions at FICO. "We can detect fraudulent ATM transactions and track the card use back to compromised ATMs and POS devices, determine when the compromises took place, and tell card issuers which of their cards may have been compromised by the device. We also work with law enforcement to crack criminal rings that are using devices to steal cardholders' funds. Our team of anti-fraud professionals will give every credit union and its members the strongest security possible."

"By working with FICO, we will be making America's credit unions safer for millions of members," said Christopher Poole, CU24 VP of operations and product management. "No other service can trace fraud on millions of cards back to compromised ATMs and help us shut down and repair compromised ATMs and POS devices quickly."

CU24 operates the nation's largest credit union-owned ATM and POS network, providing access to more than 70,000 surcharge-free ATMs, according to the release.