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Logix FCU

Logix FCU, headquartered in Burbank, CA with over $4.8B in assets, is experiencing significant benefits using Verafin’s latest evolution in its account fraud detection analytics. 

 

Verafin, a cloud-based fraud detection and anti-money laundering (FRAMLx) software provider, continues to evolve its account fraud analytics through ongoing analysis of data trends across more than 1400 financial institutions (FIs) within the Verafin Cloud. 

 

The team at Logix worked closely with Verafin during the development of its latest account fraud analytics and, within weeks of implementation, were alerted to fraudulent activity related to a mass reissuance of debit cards while the credit union was transitioning to chip-and-pin technology.

 

“There were mail thieves here in the area who got their hands on some of the reissued cards. They also managed to steal boxes of checks from people’s mail. They were activating our debit cards and using them to deposit the stolen checks through ATMs and then cash out. Verafin’s early alerts meant we prevented thousands of dollars in fraud.”

 

In addition, the investigative team uncovered fraudulent dormant card transactions. “As part of our card reissue there were a number of cards that hadn’t seen much use by our members, then all of a sudden there was activity. We were able to shut them down quickly. Alerting on just one of those cards helped us prevent a $10,000 loss.”

 

The success the institution’s investigators are experiencing with the help of Verafin is being noticed throughout the institution. “Our Senior Management team is very impressed with how Verafin has freed up our investigators to do so much more. They can be more proactive and put more focus on their cases, including making calls that can help an arrest. We just weren’t able to be as proactive before.”

 

The Verafin application also provides 314(b) cross-institutional collaboration tools, which give Overin the ability to work with other FIs to access information needed to uncover deeply hidden criminal activity.

 

“The collaboration tools make information sharing so much easier. Before Verafin, we didn’t really collaborate - it was just so cumbersome. The reporting and documentation requirements were just too much to handle. But the ease-of-use in Verafin really makes it worthwhile.”

 

He then recalls one case in particular. “Collaboration helped us uncover an existing member that was perpetrating fraud. We worked with five other institutions where that person had an account. After charging off the account we’ve collaborated with additional institutions that were dealing with this person. It was great being able to give them information that they could use to avoid getting hit by fraudulent activity.”

 

Logix prides itself on offering its members a smarter way to bank. With Verafin’s cloud-based fraud detection and anti-money laundering (FRAMLx) solution, they have also found a smarter way to fight financial crime. 

 

Logix FCU, headquartered in Burbank, CA with over $4.8B in assets, is experiencing significant benefits using Verafin’s latest evolution in its account fraud detection analytics.

 

Verafin, a cloud-based fraud detection and anti-money laundering (FRAMLx) software provider, continues to evolve its account fraud analytics through ongoing analysis of data trends across more than 1400 financial institutions (FIs) within the Verafin Cloud.

 

The team at Logix worked closely with Verafin during the development of its latest account fraud analytics and, within weeks of implementation, were alerted to fraudulent activity related to a mass reissuance of debit cards while the credit union was transitioning to chip-and-pin technology.

 

“There were mail thieves here in the area who got their hands on some of the reissued cards. They also managed to steal boxes of checks from people’s mail. They were activating our debit cards and using them to deposit the stolen checks through ATMs and then cash out. Verafin’s early alerts meant we prevented thousands of dollars in fraud.”

 

In addition, the investigative team uncovered fraudulent dormant card transactions. “As part of our card reissue there were a number of cards that hadn’t seen much use by our members, then all of a sudden there was activity. We were able to shut them down quickly. Alerting on just one of those cards helped us prevent a $10,000 loss.”

 

The success the institution’s investigators are experiencing with the help of Verafin is being noticed throughout the institution. “Our Senior Management team is very impressed with how Verafin has freed up our investigators to do so much more. They can be more proactive and put more focus on their cases, including making calls that can help an arrest. We just weren’t able to be as proactive before.”

 

The Verafin application also provides 314(b) cross-institutional collaboration tools, which give Overin the ability to work with other FIs to access information needed to uncover deeply hidden criminal activity.

 

“The collaboration tools make information sharing so much easier. Before Verafin, we didn’t really collaborate - it was just so cumbersome. The reporting and documentation requirements were just too much to handle. But the ease-of-use in Verafin really makes it worthwhile.”

 

He then recalls one case in particular. “Collaboration helped us uncover an existing member that was perpetrating fraud. We worked with five other institutions where that person had an account. After charging off the account we’ve collaborated with additional institutions that were dealing with this person. It was great being able to give them information that they could use to avoid getting hit by fraudulent activity.”

 

Logix prides itself on offering its members a smarter way to bank. With Verafin’s cloud-based fraud detection and anti-money laundering (FRAMLx) solution, they have also found a smarter way to fight financial crime. 

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