News

PSCU Linked Analysis solution predicts, prevents fraud

August 21, 2018

PSCU, a Florida-based credit union service organization, has introduced Linked Analysis, a new fraud-fighting solution.

According to a press release Linked Analysis uses cross-network analyticsto create a 360-degree view of a member, enabling PSCU to connect events across platforms, individuals across institutions and merchants across cards, and link all of these to each other, a company press release said.

"Linked Analysis allows us to provide comprehensive, integrated fraud protection across channels, rapidly identifying linkages, compromises, breaches and common points of purchase," PSCU Chief Risk Officer Jack Lynch said in the release.

Fraud-fighting experts at PSCU obtain data from multiple sources and connect the dots between product uses to identify potential entry points for fraudsters.

Recent examples of Linked Analysis in action include:

• After detecting activity that was not consistent with a member's typical pattern, Fraud Intelligence blocked cards before they were used in an attempted fraud that would have otherwise been approved.
• When a failure to authenticate was correlated in real time across two different platforms, Fraud Intelligence was able to secure accounts before losses could be incurred.
• Near real-time monitoring of balance consolidation transactions prompted Fraud Intelligence to begin monitoring via Linked Analysis. Activity between completely different platforms was linked using a 360-degree view of the member, and resulted in the interception and reversal of electronic balance consolidation transactions with no loss to the credit union. The organized group responsible for the attempt then moved on to another PSCU Owner credit union. There, too, 100 percent of fraudulent attempts were intercepted due to intelligence gathered from previous events with the first credit union.

Over the last year, PSCU proactive fraud prevention technologies, processes and policies have stopped more than $200 million in fraudulent transactions.