NEFCU Implements Guardian Analytics for Fraud Prevention Financial institution uses behavioral analytics to proactively safeguard against online fraud
LOS ALTOS, Calif., March 22, 2011 /PRNewswire/ -- Guardian Analytics, the innovator in predictive analytics-based fraud prevention software, today announced that NEFCU, a Long Island based credit union, has implemented FraudMAP® Version 4 for Retail Banking to protect its online banking channel from the growing threat of fraud. NEFCU selected FraudMAP to enhance member service and proactively defend against today's increasingly sophisticated online fraud attacks.
"NEFCU chose Guardian Analytics to meet our goal of providing state of the art solutions to facilitate a more secure Internet banking experience," said John A. De Ieso, chief information officer for NEFCU. "Safeguarding our members' personal information and money is our top priority and Guardian Analytics is an integral part of delivering on that promise."
FraudMAP is a major part of NEFCU's layered security strategy designed to identify member accounts that have a high potential for fraud before money is transferred. FraudMAP's unique ability to proactively detect account compromise, fraud staging and anomalous transactions has already resulted in averted losses and significant operational savings for the credit union. NEFCU estimates FraudMAP saved more than 100 hours of staff and management time typically lost to insurance claims, paperwork, customer interaction and other remediation steps. Further, the credit union protected its reputation and its members' time and peace of mind.
"FraudMAP's approach is proving to be a stronger fraud defense than tracking Internet Protocol (IP) addresses or calling customers; strategies today's fraudsters have learned to subvert," added De Ieso.
FraudMAP Version 4 enables financial institutions of all sizes to benefit from sophisticated online fraud protection. The behavioral analytics-based solution delivers proactive fraud prevention by detecting anomalous behavior and high-risk transactions inconsistent with typical patterns of behavior. With FraudMAP's Software-as-a-Service (SaaS) delivery model and turnkey deployment methodology, institutions can be up and running in as little as a few days.
"We're seeing more and more institutions take control of the fraud problem and implement a new generation of online fraud detection solutions," said Terry Austin, chief executive officer of Guardian Analytics. "NEFCU joins a fast-growing family of credit unions and banks successfully using behavioral analytics to protect their members improve operational productivity and safeguard their reputation."
NEFCU (formerly Nassau Educators Federal Credit Union) is one of Long Island's leading not-for-profit and full-service financial institutions that proudly offers its affordable banking services to ALL Long Islanders. With over $1.5 billion in assets and nearly 150,000 members, NEFCU is headquartered in Westbury and has branches and a shared branch network throughout Nassau and Suffolk Counties, along with over 37,000 surcharge-free ATMs worldwide. To join NEFCU, eligible members must live, work, worship, attend school, or regularly conduct business in Nassau and/or Suffolk Counties (excluding East Hampton, Southampton, and Shelter Island). Existing NEFCU members may also sponsor in immediate family members or household members. For more information, please visit www.myNEFCU.org.
About Guardian Analytics
Headquartered in Los Altos, Calif., Guardian Analytics is focused on the prevention of online banking fraud and committed to making advanced solutions available to institutions of all sizes. The company's risk management approach to detecting account takeover and fraudulent transactions is built on deep expertise in behavioral analytics, online banking and online fraud. National and community banks and credit unions rely on Guardian Analytics to protect individual account assets the integrity of their online channels and their brand reputations. Founded in 2005, Guardian Analytics is privately held with venture funding from Foundation Capital, Sutter Hill Ventures and Split Rock Partners. For more information, please visit www.guardiananalytics.com.
SOURCE Guardian Analytics