How BAM+ Helped Mitigate Fraud Loss, Saving VACU Millions
The Challenge: Staying Ahead of Fraud
With advances in technology come advances in crime, making it easier for criminals to strike and harder for financial institutions to detect fraud and even harder for them to mitigate fraud loss. It is more important than ever for financial institutions to stay on top of the latest fraud trends to better protect their customers/members and their bottom line. Even more concerning, the reputational damage caused by fraud loss far outweighs the financial losses, making it harder for an institution to recover.
Like many committed financial institutions, Virginia Credit Union is dedicated to stopping fraud and helping their members achieve their financial goals. In order to do this, they needed a persistent form of fraud detection and a system flexible enough to watch for various types of fraud.
Even though Virginia Credit Union was using fraud detection systems, they knew they could better safeguard their members’ money with a more robust, automated system that tracked all of their suspicious activity in one central place. Having an all-encompassing fraud case management system would give Grant Garber, Virginia Credit Union’s Fraud and BSA Risk Manager, and his staff a better picture of their fraud profile and help them stop fraudulent activity before it left their institution.
“Often our members don’t even realize they’re being scammed,” Garber said. “It is our job to prevent losses and identify suspicious activity on behalf of our members. We can’t do that effectively unless we’re able to see what’s happening across the entire institution.”
The Solution: BAM+ Fraud Scenarios
Prior to implementing BAM+ fraud scenarios, Garber and his staff at Virginia Credit Union were relying on a variety of systems to detect fraud. Garber knew they could find an integrated solution to better protect their members and turned to Banker’s Toolbox for help.