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Equifax announces fraud mitigation solution

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ATLANTA (7/26/12)--Equifax has released a new fraud mitigation solution to eliminate identity misuse by fraudsters when they attempt to open new accounts.

Instant credit applications are a primary source of new business for the financial services industry, and as online channels expand, so do the number of fraudulent or compromised accounts. Equifax's Suspicious ID interprets fraudulent activity patterns in real time by monitoring suspicious activities across an entire network of financial services organizations and other related industries. It also delivers scores and attributes that provide a basis for assessing risk.

Suspicious ID provides rapid analysis of spikes in suspicious application data, catching questionable attempts or high-risk applications upon account opening in real time. It also reduces the common problem of "false positives" that appear when a member's information is entered incorrectly.

Suspicious ID also improves fraud capture rates and decreases the need for manual reviews, Equifax said.

CUNA Security and Fraud Institutes set for October

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MADISON, Wis. (7/26/12)--The Credit Union National Association (CUNA) will host the CUNA Security & Fraud Institute, Oct. 22–25, in Fort Lauderdale, Fla. 

CUNA Security & Fraud Institute consists of three tracks:

  • Introduction: Students learn the basics of credit union security with sessions focused on physical security such as administering policies and procedures, preventing and responding to robberies and other types of workplace violence, as well as electronic security, emerging fraud scams, internal crime prevention and planning for business continuity.
  • Certification: Attendees gain a deeper understanding of security procedures through sessions such as social engineering, electronic fraud issues, external and internal security audits and integrating it and facility security issues. Attendees will also get an opportunity to gain insights from a former robber. Those who successfully complete a written exam can earn their Credit Union Security and Fraud Expert designation.
  • Update: Security professionals looking to brush up their skills and stay informed on current trends in credit union security will benefit from sessions such as developing a comprehensive security strategy, protecting members, conducting a risk assessment and performing successful fraud investigations. Attendees have the option to complete testing to recertify their Credit Union Security and Fraud Expert designation.
The program also features a robbery simulation, which takes place at a local credit union, and a vendor reception.