#4077: Beem Credit Union Shares Innovative Approach to Fighting Fraud via DataVisor...

datavisor_beemcu_audio.mp3
File Size:	19227 kb
File Type:	mp3

Download File

---

DataVisor’s COO Tony Kueh, Beem Credit Union's Chief Risk Officer Scott Betts, and  Beem Credit Union Vice President of Compliance Pattie Lamboo all joined us on the show to share the credit union's innovative approach to fighting AI-driven fraud, in partnership with DataVisor -- and what other credit unions can learn from their experience.

In particular, they addressed when fraudsters started using AI, Beem Credit Union ($17 billion in assets, 193,000 members) knew they needed AI to fight back.

The challenge, however, is that 75% of financial institutions admit bad actors are leveraging AI more effectively than they are. Unfortunately, traditional fraud detection can't keep pace with evolving threats like sophisticated account takeovers and AI-generated attack patterns.

Beem Credit Union then looked to DataVisor's fraud and risk platform, and VeriPark, a provider of digital banking solutions for financial services, to deliver embedded AI-powered fraud protection. Beem Credit Union in Canada   is among the first credit unions to adopt this integrated solution.

Essentially, Tony, Scott, and Pattie highlighted the shift from reactive to proactive fraud prevention, focusing on real-time alerts and building member trust. They emphasized the importance of partnerships in enhancing fraud detection and adapting to evolving fraud patterns, ensuring a secure yet seamless experience for their members.

Q&A summary
What innovative approach is Beem Credit Union taking to combat AI-driven fraud?
Beem Credit Union is partnering with DataVisor to implement advanced strategies that leverage AI technology to proactively fight fraud, rather than just reacting to it.
How does DataVisor assist credit unions in addressing AI-driven fraud?
DataVisor provides a platform that enables credit unions to make real-time decisions on transactions, enhancing their ability to detect and prevent fraud effectively.
What are the key challenges that traditional fraud detection tools face in today's digital landscape?
Traditional tools struggle with the speed and complexity of real-time payments, making them inadequate for the fast-paced nature of modern financial transactions.
How has the DataVisor platform changed Beem's approach to fraud detection?
With DataVisor, Beem can now monitor transactions in real-time, allowing them to respond immediately to suspicious activities and adjust their fraud prevention strategies on the fly.
What benefits does real-time fraud detection provide to credit union members?
Real-time fraud detection enhances member experience by minimizing disruptions, allowing legitimate transactions to proceed smoothly while quickly addressing potential fraud.
How does DataVisor's AI self-tuning feature improve fraud detection capabilities?
AI self-tuning allows the DataVisor platform to automatically suggest adjustments to fraud detection rules based on evolving patterns, streamlining the process for credit unions.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.