PSCU Partners with Q6 Cyber to Further Enhance Cyber and Fraud Threat Monitoring and Intelligence Capabilities

Jack Lynch

​PSCU, the nation’s premier payments credit union service organization (CUSO), today announced it is partnering with Q6 Cyber, a leading provider of e-crime intelligence for financial institutions worldwide, to better identify and respond to advanced cyber threats and fraud activity with greater speed, accuracy and effectiveness.
 
“Every year, Q6 Cyber identifies millions of hacked or compromised financial accounts, enabling our clients to preempt account takeover and fraud, while also substantially reducing payment card fraud by up to 50% year over year,” said Eli Dominitz, CEO at Q6 Cyber. “We look forward to working with PSCU to deliver these types of results to the CUSO’s Owner credit unions and their members to help them stay ahead of and combat cybercrime.”
 
Q6 Cyber will collect information from multiple sources, then analyze and correlate it to provide targeted, valuable and actionable intelligence to proactively disrupt cybercriminal and fraudulent activity directed toward PSCU, its Owner credit unions and their members. Additional services Q6 Cyber will provide include detection of mule accounts, Dark Web monitoring and analysis of compromised employee credentials.
 
“As we saw in PSCU’s 2021 Eye on Payments study, consumers are increasingly gravitating to digital and online experiences, leading to an increase in e-commerce and online transactions, which is in turn driving online fraud numbers even higher,” said Jack Lynch, chief risk officer at PSCU. “Our partnership with Q6 Cyber is primed to position PSCU to best help our Owner credit unions and their members combat cybercrimes, with a goal of stopping these types of fraudulent activities before they can even occur.”
 
PSCU employs a connected approach to combat fraud, utilizing a number of technologies and best practices to block fraud at the point of sale, in the contact center and online, among other channels – while delivering an enhanced cardholder experience. This includes PSCU’s proprietary Linked Analysis, developed by PSCU’s in-house fraud experts to prevent fraud before it happens by leveraging cross-network analytics. In fiscal year 2021, the CUSO stopped nearly $500 million in fraudulent transactions for its Owner credit unions and their members.
 
In addition, PSCU’s Enhanced Fraud Services addresses fraud concerns for credit unions with unique characteristics in their membership portfolio that require a customized approach. Credit unions receive an assigned risk program consultant who, on a daily basis, holistically analyzes the credit union’s fraud and risk mitigation initiatives. From there, risk program consultants build a customized program and response plan, which helps strengthen a credit union’s existing anti-fraud efforts in order to more quickly and accurately prevent fraud and reduce losses.

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