CommunityAmerica Credit Union Achieves 4x ROI

Combined with Protect, Fraud Loss Avoidance and Passport Authentication—CommunityAmerica Credit Union’s benefits are in high-cost savings!

The challenge

CommunityAmerica Credit Union is a beloved and trusted local credit union that provides products and services to its extended Kansas City family. Its commitment to this family, to serve them, support them, and protect their finances, has made CommunityAmerica Credit Union an attractive and trusted institution for everyday people in Kansas City.

CommunityAmerica Credit Union’s member focus has driven it to search for ways to continue to simplify member service and support and to improve data protection for the members it considers extended family. That focus and genuine care have now transformed into tangible, advanced technologies that are delivering improvements across the organization. CommunityAmerica Credit Union is delivering frictionless, brand-strengthening member service and comprehensive, flexible, and predictive consumer data protection with Pindrop.

The solution

Like many financial organizations, CommunityAmerica Credit Union recognizes the high risk that fraud can present within the call center. As call volume spiked due to rapid changes in member service caused by health concerns and mandated shutdowns, CommunityAmerica Credit Union sought out solutions to its evolving security challenges.

From the prevention of unauthorized access and account takeover and the mitigation of fraud loss and associated costs across channels, to the instant verification of member identity, which manifests downstream as faster resolution speeds, improved member effort scores, and operational savings, CommunityAmerica Credit Union is delivering frictionless, brand-strengthening service to its membership with comprehensive, flexible, and predictive fraud technology from Pindrop.

Our partnership + challenges

Pindrop solutions verify members passively before connecting them to agents, predict fraud 60 days before it occurs, identify at-risk accounts to thwart organized fraud rings, and enable fraud teams to stop fraud loss in real time, reducing fraud-related costs and improving efficiency with false-positive rates below 1%.

Through this partnership, CommunityAmerica Credit Union reduced and prevented fraud losses, improved member service metrics, and strengthened brand trust with its KC family by preventing fraudulent activity across channels and removing roadblocks to quick, personalized, and secure issue resolution.

Pindrop Protect quickly surfaced fraud patterns and volumes that were highly actionable. The user interface is easy to use, allowing the credit union’s fraud analysts to see details about each call and the factors influencing the highest risk scores. With the insights from the phone channel that Pindrop Protect provides, analysts can immediately block transactions and requests from occurring in other channels, such as in-app and wire transfers, as well as IVR services. In less than one year, the credit union measured its ability to prevent fraud attacks on over $56 million in assets with Pindrop.

Protect leverages multiple factors to analyze thousands of data points using five unique technology engines:

• Device - PhonePrinting — Analyzes over 1,300 characteristics of a call’s full audio to determine risk and catch first-time fraud
• Voice - Deep Voice — Next-gen voice identification, optimized for noisy conditions, speaker aging, and multi-voice enrollment
• Metadata - Network Analysis — Analyzes ANI risk/velocity, account and carrier risk, smart white/blacklisting, and phone number reputation
• Connections - Trace Technology — Graph analysis of relationships between activities, accounts, and calls across time
• Behavior - Heuristic Analysis — Non-monetary transactions, robotic dialing, and keypress habits

How Pindrop helped

CommunityAmerica Credit Union began with the initial implementation of Pindrop® Protect to address fraud attempts on member accounts. Following this initial deployment, to improve its members’ experience and address operational costs, CommunityAmerica Credit Union adopted Pindrop Passport to validate members’ identities over the phone.

Passport passively works in the background to verify members’ identities without requiring genuine members to jump through hoops. Passport uses proprietary multifactor risk-based authentication processes, leveraging factors including call risk, behavior, device, and voice to identify incoming callers. To mitigate fraudulent activity targeted at CommunityAmerica Credit Union and improve operational costs and member experience, CommunityAmerica Credit Union leverages data points gleaned from five technologies working together on the Pindrop platform. These technologies power two separate solutions: one for caller authentication and verification and the other for fraud detection and mitigation.

Passive, multi-factor caller authentication + verification

As members continue to be passively enrolled and authenticated with Passport, CommunityAmerica Credit Union is on a trajectory to save ~$400K in call center operational costs, enabling better value for members.

The results

• CommunityAmerica Credit Union prevented over $570,000 in fraud exposure within months without sacrificing CES or adding further friction to the process.
• 115 seconds were removed from total call times.
• KBAs were reduced to 2 and when all KBAs, 4 in total, were removed for callers.
• CommunityAmerica Credit Union saw reductions in average hold time across 98% of its calls, greatly reducing operational costs associated with the additional time that was once used for asking questions and unnecessarily extending members’ experiences.

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Combined with Protect, Fraud Loss Avoidance + Passport Authentication—CommunityAmerica Credit Union’s total benefit is a 4X return on investment (ROI) with the partnership with Pindrop

What’s next

1. IVR Adapted Technologies to Provide 100% Coverage — This expansion of anti-fraud capabilities into the IVR will enable CommunityAmerica Credit Union to predict what accounts will be “at-risk” 60 days before a fraudster attempts to make a withdrawal.
2. Further Optimization Leveraging Automation with APIs — By automating with APIs, CommunityAmerica Credit Union can focus on making sure 80% of incoming calls have identity claims.
3. Graph Algorithm for Fraud Detection — CommunityAmerica Credit Union will soon be able to leverage the analysis of relationships between activities, accounts, and calls across time.