Press

“Real-Time” Fraud Monitoring Implemented in Sharetec Core

INDIANAPOLIS, IN — Bradford-Scott Data Corporation, an owner/distributor of the Sharetec System, announced they are now offering Sharetec Fraud Alerts to their credit unions. The Sharetec core data processing system is utilized by more than 300 credit unions nationwide.

Sharetec Fraud Alerts is actively watching for suspicious activity and will notify the credit union when a fraudulent situation is uncovered, whether it be during a member search, a member transaction, new member enrollment, new share or loan openings, or batch positing. The security alerts are based on a set of fraud conditions individually established and are completely credit union defined and adjusted to the credit unions specific tolerance level.

Keane Kulak, Regional Director of Bradford-Scott, said, “Sharetec provides “real-time” monitoring to our customers because we know the importance of keeping member data safe and secure. The sooner we can identify a threat, the less likely their data will be compromised.”

Protecting members from fraud is more difficult today than it has ever been in the history of financial services. According to the RSA monthly Online Fraud Report, credit union’s nationwide saw a 13% increase in May 2012 in online fraud attacks. Phishing volume increased by 7%, continuing the upward curve recorded in April of 2012, mainly as a result of highly targeted phishing campaigns launched against small financial institutions.

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