St. Petersburg, Fla. based payments CUSO PSCU reported it stopped over $210 million in potential fraud in 2018 for its members at the point-of-sale, call centers and online, among other channels.
PSCU’s said through sustained investment in best-in-class fraud-fighting tools and a staff focus to ensure best practices, its proactive fraud prevention technologies, processes and policies yielded a fraud loss to sales ratio of 4.31 basis points during 2018.
“Throughout 2018, PSCU furthered our commitment to investing in the strongest risk management practices and tools available in order to protect our owners and their members from the potential financial and reputational damage associated with fraudulent activity,” Jack Lynch, PSCU SVP, chief risk officer, said. “The millions of dollars PSCU secures on behalf of our owners’ members is proof that the solutions and methods we are deploying are not only effective at saving money, but also key in keeping member information confidential and safe.”
The CUSO held its data scientists are key to the success of PSCU’s fraud-fighting initiatives and solutions. Their internal team of experts takes data from multiple sources and then connects the dots between product usages to identify potential entry ways for fraudsters.
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