ST. PETERSBURG, Fla.–PSCU has announced it will begin using FICO Customer Communications Services to build what it said will be a cutting-edge fraud alert program that will “notify members of potential fraud quickly, in the channel best suited for the member, and in a secure way that guarantees member confidence that the notification is valid.”
PSCU noted the COVID-19 pandemic has greatly increased the percentage of card-not-present transactions, increasing the frequency, sophistication and speed of fraudulent activity. As a result, PSCU said credit unions are seeking additional methods of contacting members, as well as increased security for alerts and automated alerts, which are more convenient and secure to keep up with evolving member expectations. By leveraging FICO CCS, the CUSO said it will be better positioned to meet these needs and lay the foundation for future fraud innovation.
"PSCU is committed to providing our credit unions and their members with state-of-the art technology and seamless experiences that meet their evolving needs and expectations," said Jack Lynch, SVP, chief risk officer at PSCU and president of CU Recovery. "Working with FICO CCS will not only enable PSCU to continue providing innovative fraud detection services, but also the flexibility to deploy them in a way that meets individual credit union needs, while enabling them to compete more effectively with larger financial institutions."
The Benefits
According to PSCU, the key benefits of FICO CCS include:
- In-checkout message delivery. “This will enable PSCU to deliver messages while members are still in the checkout process, turning something that is often a negative experience (i.e., fraud alerts or getting declined) into a positive experience and further driving loyalty.”
- Customization. “Credit unions will have full control over the alerting solution and the ability to change the contact pattern of alerts based on the transaction's risk. For example, if a transaction is deemed medium risk, the member may only receive a SMS message and not the full contact pattern of SMS, calls and emails.”
- Increased Security. “The solution was designed with security as a top priority and will prevent many of the common threats faced by credit unions today and in the future, providing superior protection for credit unions and their members.”
Consumer Expectations
"Today's consumers expect things at the speed of now, and credit union members are no exception. When it comes to fraud alerts, they expect to be notified in real time, wherever they are, on their preferred device – and credit unions must deliver on those expectations or risk losing their members to competitors," said Michael Magaard, vice president of CCS at FICO. "Adopting FICO CCS will enable PSCU's credit unions to not only exceed member expectations in the present, but also provide them with a foundation to compete with larger FIs well into the future."
The company said FICO CCS enables businesses to deliver email, voice, text and mobile app notifications that are smart, scalable and include a human touch due to the company's expertise in combining automation with analytics. By integrating CCS with FICO solutions, clients communicate effectively with audiences throughout the customer credit lifecycle. CCS allows them to quickly resolve fraud, collect more debt, lower application abandonment, improve retention and much more, it added.