Berkeley, Calif., January 26, 2021 – Access Softek, an omnichannel digital banking platform provider, announced that both U.S. Eagle Federal Credit Union and Crane Credit Union have signed on for its Real-Time Fraud Control solution to enhance digital security for members and the institutions.
Real-Time Fraud Control uses machine learning and a deep neural network to recognize “in-pattern” and “out-of-pattern” behavior in each user’s digital banking activity. If fraud is suspected, the solution can trigger an extra verification step for the user. While the real account holders can pass this verification with ease, fraudsters will be forced to abandon the transaction or fail the verification.
“The issue with most fraud detection solutions we considered was that they only spotted fraudulent activity once it was complete,” said Marsha Majors, President and CEO of U.S. Eagle Federal Credit Union. “The fact that we can save a lot of the time and trouble of recovering from a cyber-attack is not only a game-changer for us, but for our members, too.”
What sets the solution apart is its ability to prevent fraud before it happens. Most other products only alert account holders and institutions to fraudulent activity after it’s already happened, leaving a mess to clean up after the fraudster is long gone. Financial institutions often must work to reimburse any funds that were stolen in the attack and account holders are left feeling violated and mistrustful. By stopping fraud before it happens, Real-Time Fraud Control saves financial institutions from the time, cost, and reputational damage that comes with a successful attack.
“It is crucial for us that we are protecting our members. They are interacting through digital channels more than ever before and we want to ensure that those channels are secure,” said Kevin L. Sparks, President and CEO of Crane Credit Union. “After searching for a solution that could help us enhance security, we chose Access Softek’s because theirs was the only one that works in real-time.”
“Our fraud control solution is just one solution that supports our mission of empowering both banks and credit unions to enhance security. Even the best and most innovative online and mobile banking solutions are nothing if users are not protected from fraud in those channels,” said Chris Doner, founder and CEO of Access Softek. “By making a substantial investment in a machine learning team, we’ve created innovative products that revolutionize security and other important areas for financial institutions.”
About U.S. Eagle Federal Credit Union
U.S. Eagle Federal Credit Union was founded in 1935, making it the oldest credit union in New Mexico. Since day one, U.S. Eagle has provided members with more options to earn, save, invest, and protect, so they can do what matters most: live better. For more information, please visit: useagle.org.
About Crane Credit Union
Crane Credit Union, headquartered in Odon, Indiana, was founded in 1955 on Crane Naval Surface Warfare Center. Crane serves the communities of Central and Southern Indiana, offering a full array of products and services. The credit union prides itself on member service, community involvement and strives to offer better rates on loans and deposits than competitors. Crane has 20 branch locations in 10 counties throughout Central and Southern Indiana and serves over 57,000 members. For more information, please visit Crane Credit Union online at www.cranecu.org.
About Access Softek, Inc.
Access Softek sets the standard for the omnichannel digital banking landscape, having developed the first downloadable apps for mobile banking. Since that time, Access Softek has extended its track record of innovation to online banking, biometric authentication, real-time fraud prevention, and automated investing integrated directly into a financial institution’s digital banking platform, among many other innovative products. Since 2004, Access Softek has delivered industry firsts to over 400 bank and credit union clients from its Berkeley, California headquarters. Learn more at AccessSoftek.com.
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