The New York Credit Union Association and global fraud and risk mitigation fintech solution provider Quatrro Processing Services hosted a complimentary webinar that explained the partnership between the two organizations. The complete webinar is now available on-demand on the Association’s website.
Through the partnership, QPS will offer Association-member credit unions with a preferred rate on their products and services.
QPS’ proprietary platform—known as Fraud Reduction Early Detection, or FRED—is driven by artificial intelligence that enables machine learning to design and apply algorithms to learn things from past cases and automate at various thresholds to customize rules. However, the entire platform is overseen 24/7 by a human monitor to ensure no anomalies go undetected.
The platform also helps financial institutions comply with anti-money laundering regulations, including the Bank Secrecy Act, as well as regulations imposed by NCUA and the state Department of Financial Services.