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CSS alliance offers real-time fraud checks from ID Analytics

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MADISON, Wis. (8/9/10)--Credit unions can tap into--and contribute to--a massive source of fraud identification and real-time identity fraud analysis through CUNA Strategic Services' (CSS) new relationship with ID Analytics. “The more companies that participate in the ID Network, the more valuable and accurate the information is,” said Wes Millar, CSS senior vice president. “This helps reduce the risk of fraud for credit unions, and credit unions can help others in return.” Founded in 2002, ID Analytics owns and operates the ID Network, a real-time, cross-industry source of identity information that combines consumer identity activity and pattern recognition to manage identity risk. With a daily flow of 45 million identity elements, the data include 2.6 million known frauds. Every day, financial institutions, credit card issuers, wireless providers, private label retailers and auto lenders use ID Analytics’ fraud solutions to detect and prevent fraud. The relationship is "an excellent opportunity to help protect more credit unions and their members with our powerful and proven fraud prevention network,' said Larry McIntosh, chief marketing officer for ID Analytics. “Credit unions now have access to the largest repository of known identity frauds in the country," he added. During the account-opening process, a credit union can--through the ID Network--submit information that is cross-referenced with information that may indicate fraud such as:
* Combinations of name and birth date associated with suspected or confirmed fraud; * Number of times a Social Security number has been submitted for scoring in the past three months; and * Number of times a fraud is reported at a specific address in the past six months.
This immediately reveals an individual’s risk level. Consumer data within the ID Network are confidential and never sold or distributed. For more information, contact Tom Lybeck at tlybeck@cuna.com or Brigette Engel at bengel@idanalytics.com.

VSoft KIVA Group in integration partnership

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ATLANTA (8/9/10)--VSoft Corp. and KIVA Group Inc. announced an integration partnership to help community-based financial institutions, including credit unions, better automate teller processes and break down information silos to improve service at all consumer touch points. VSoft offers core- and payment-processing solutions. KIVA Group provides Web-based software solutions. The companies are integrating KIVA’s Respect 7 unified teller system with VSoft’s Teller Capture Solution. Respect 7 is a technology platform and application suite. With the solution, institutions can optimize each interaction at the teller line by expediting transactions and allowing more time for the consumer relationship. VSoft and KIVA also are tying the Respect 7 channel applications to VSoft’s CoreSoft platform to empower VSoft institutions to replace legacy core systems, and achieve seamless, real-time high-performance transactions, the companies said. “Offering a full range of delivery channels with consistent processes is an essential first step to ease and convenience in banking,” said Murthy Veeraghanta, chairman and managing director, VSoft Corp. “In today’s banking environment, those who continue to strengthen and win customer and member relationships will come out ahead.”

CO-OPs THINK 11 Conference set for May

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RANCHO CUCAMONGA, Calif. (8/9/10)--Marking 30 years of service to the credit union movement next year, CO-OP Financial Services will hold its annual THINK Conference May 14-18 at Disney’s Grand Californian Hotel in Anaheim, Calif. The conference will award the annual THINK Prize, a $10,000 award to the entrant who presents the most effective, shareable plan for growing the credit union movement. Three finalists will present their ideas as part of the THINK 11 agenda, with the winner determined by conference attendees, online viewers and a panel of experts from the Filene Research Institute and CO-OP. CO-OP is assembling its speaker line-up. Conference organizers are seeking input from the industry on what topics would be most valuable to them. To complete a speaker questionnaire, use the link.