{"id":259,"date":"2022-05-17T19:39:41","date_gmt":"2022-05-17T19:39:41","guid":{"rendered":"https:\/\/rembrandtai.parkerlevi.com\/?p=259"},"modified":"2023-08-14T19:47:05","modified_gmt":"2023-08-14T19:47:05","slug":"florida-credit-union-overhauls-its-fraud-prevention-with-big-assist-from-ai","status":"publish","type":"post","link":"https:\/\/rembrandtai.com\/news\/florida-credit-union-overhauls-its-fraud-prevention-with-big-assist-from-ai\/","title":{"rendered":"Florida Credit Union Overhauls Its Fraud Prevention With Big Assist From AI"},"content":{"rendered":"
*This article was originally published in American Banker<\/a> by Carter Pape<\/a> May 06, 2022, 3:35 p.m. EDT<\/em><\/strong><\/p>\n As algorithmic techniques for fraud prevention improve, financial institutions have more and better options to stop losses in real time rather than try to recover funds hours or days after the fact.<\/p>\n Rather than rely on tellers to identify whether a check is fraudulent or a wire transfer is authorized, credit unions and community banks increasingly identify and prevent fraud with machine learning, but some still lag. For institutions that make the leap into real-time fraud prevention, the gains can be major.<\/p>\n That was the case for Launch Credit Union, which serves a six-county area on the Atlantic coast of central Florida, and switched to a real-time solution at the end of 2020. The credit union\u2019s chief financial officer claims it reduced fraudulent transactions across its 16 locations by 97% after purchasing the product, saving $1.8 million in 2021.<\/p>\n The product Launch adopted is RembrandtAI, a solution from Toolcase, an IT services firm that specializes in artificial intelligence and machine learning. Toolcase is not the only vendor of fraud prevention services powered by artificial intelligence; other companies specializing in such services include Feedzai, Nice Actimize, FiVerity, Inscribe, Resistant AI and larger firms such as IBM.<\/p>\n