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AuditLink Announces New Native Fraud Detection in CU*BASE

7/2/21 – AuditLink, the audit and compliance division of CU*Answers, announced new native fraud detection functionality in the most recent release of CU*BASE®, the CUSO’s flagship core data processing platform. Jim Vilker, VP of Professional Services and leader of the AuditLink division, indicated that sets this apart from third-party standalone systems requiring an exchange and translation of data is that the data being used and analyzed is native to the core and vastly larger and more reliable than third-party software systems. “Data governance is a real problem with third-party systems and lack of knowledge of the data and how it is being analyzed is quickly becoming one where financial institutions are being required to have third parties validate the translation at significant costs,” he added.

The new functionality is configurable by individual credit unions and there is no limit to the fraud and money laundering detection patterns credit unions can configure across a vast amount of member information. Because AuditLink currently reviews suspicious activity for over 100 credit unions and has done this work for the past 13 years, the division pioneered the development of the new functionality. Vilker went on to say that the AuditLink financial intelligence unit are fraud detection practitioners and used its collective experience to build the analytics behind this new functionality. The new functionality gives CU*Answers clients a much quicker response to activity that could cause losses as it is being analyzed daily. “This puts our credit unions in a position of preventing losses vs. reporting that the loss occurred.”

The new abnormal activity monitoring and fraud detection functionality went live for all credit unions in late May and because it is part of the core CU*BASE application it came with no additional cost.

About AuditLink

AuditLink’s mission is to deliver specialized services that enable credit unions to meet regulatory guidelines pertaining to policies, procedures, member disclosures, and mitigating the risks associated with running a financial institution. The division’s goal is to reduce the added work imposed by regulators, release the pressures common to execution of daily work and provide unprecedented service support personnel and consultants who understand even the most difficult operational issues. AuditLink also builds collaborative shared execution services for completing the daily work our credit unions and CUSO clients cannot afford to do on their own such as the concentration risk evaluations, high risk daily transactional review, audit work, compliance reviews, and security access reviews to the flagship core system CU*BASE.

For more information contact:

Jim Vilker, VP Professional Services, NCCO, CAMS – 800-327-3478, ext. 167, jvilker@cuanswers.com
Esteban Camargo, Content Marketing Manager – 800-327-3478, ext. 281, ecamargo@cuanswers.com