The Fraud Strategy team put all the tools to work to stop a recent large scale fraud attempt. Early detection tools empowered the team to prevent a fraud scheme that could have cost millions of dollars and resulted in thousands of fraud claims.
“Making things easier for members often means adding levels of complexity to the work we do in Fraud Strategy,” said Jill McFarling, head of Identity Fraud and Enterprise Reporting. “But thanks to advancements in technology and the knowledge base of our teammates, we can stay a step ahead of fraudsters.”
With the evolution of digital activity, fraudsters are finding new ways to attempt to break defenses using valuable personal identifiable information (PII) that may have been leaked in previous fraud occurrences with other businesses or institutions.
Many credit unions and community banks lack the resources or funds to continuously invest in fraud detection technology. Partners of Elan Credit Card, and their cardmembers, are protected by a dedicated Fraud Strategy team.
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