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Allied Solutions’ corporate fraud prevention tactics yield significant results for clients

CARMEL, IN (October 13, 2015) — Fraudsters and cybercriminals illegally obtain money and information from financial organizations and account holders in various ways, including: data breaches; ACH/wire transfer fraud; identity fraud; plastic card fraud; card-not-present fraud; fraudulent deposits; and account takeover fraud. Fraud exposures can be devastating, causing financial losses in the millions, damaging reputations, and leading to cancelled accounts.

Allied’s commitment to fraud risk education and protection has helped us to save our clients millions of dollars in insurance premiums over the past 15 years. This commitment has also allowed us to earn NAFCU Services’ Preferred Partner status, and led to the establishment of strategic relationships with several financially strong insurance carriers like ProSight Specialty Insurance.

In 2015 alone, the financial industry has already been exposed to more than 50 data breaches and over 411,000 record exposures, reports Identify Theft Resource Center (ITRC) (As of September 29,2015). If financial institutions remain aware of trending fraud risks and prioritize prevention and remediation strategies, these exposures may decline (as was witnessed in 2014). For all of these reasons, Allied Solutions made fraud and cybercrime education a top business goal in 2015. Allied’s corporate initiative to help reduce financial risk exposures includes many tactics:

·        Hiring industry recognized fraud risk experts such as Ann Davidson, Vice President of Risk Consulting. Since joining Allied in 2014, Ann has stayed busy performing on-site risk assessments and trainings for clients, publishing articles, and speaking at industry events.

·        Delivering a free risk-related webinar series in coordination with NAFCU Services. Educational topics address issues such as preventing account takeovers and data breaches, authentication methods, and emerging payment technologies. The recordings for each webinar are available online.

·        Performing on-site risk reviews upon request. Allied’s’ risk specialists perform full-scope, consultative risk reviews to identify and address security risks and build sound, comprehensive policies and procedures to better protect the organization’s assets, employees, and account holders.

·        Distributing regularly scheduled risk alert emails to clients and special editions in response to major security threats. Assembled by Allied’s risk experts, these emails contain information to help clients remain protected from different types of security risks.

·        Contributing content for a free, risk-focused publication in a cooperative effort with ProSight Specialty Insurance. The print publication, called CU Enriched, is distributed to credit unions across the nation and features top concerns facing the financial services industry.

·        Offering a full suite of risk protection solutions, including fidelity bond products, cyber liability insurance, breach recovery solutions, custom identity theft solutions, and fraud solutions tailored for smaller financial institutions. Allied‘s diverse portfolio empowers financial institutions as they build their own unique fraud and breach protection program.

·        Working constantly to improve fraud protection products and services in response to the needs of the financial services community. Allied consults regularly with clients to remain aware of their evolving needs. New projects include the development of new protection solutions and the creation of a podcast series.

“Allied Solutions has an unmatched level of respect for their clients and the industry they service, which is why we chose to work with Allied for our Bond solutions,” said David Kindy, President/CEO of Consumers Federal Credit Union. “I also trust that Allied has the dedication, motivation, and expertise to help enhance and protect the financial success of our credit union.”

Allied cares about the industry we serve, which is why we will continue to do our part to protect and educate the national financial services community from these and other financial risks. To find out more about the fraud and breach protection products and services that Allied Solutions offers, email Patrick Touhey at patrick.touhey@alliedsolutions.net.


About Allied Solutions

Allied Solutions is one of the largest providers of insurance, lending, risk management, and data driven  solutions to financial institutions. Allied Solutions uses technology-based solutions customized to meet  the needs of 6,000 clients along with a portfolio of innovative products and services from a wide variety of providers. Allied Solutions is headquartered in Carmel, Indiana, with regional offices in Florida,  Minnesota, South Dakota, and Texas. Allied Solutions is a wholly owned and independently operated  subsidiary of Securian Financial Group. Visit alliedsolutions.net to learn more.

Contacts

Amy Hearn
Allied Solutions
Vice President, Marketing & Communications
972-447-3703
amy.hearn@alliedsolutions.net

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