Case Study: Virginia Credit Union prevents over $1 million in fraud with Banker’s Toolbox BAM+ Fraud Scenarios

How BAM+ Helped Mitigate Fraud Loss, Saving VACU Millions

Virginia Credit Union faced the challenge of needing a more robust and automated fraud detection system. Existing systems were not integrated, making it difficult to get a complete view of suspicious activity across the entire institution and to protect members from increasingly sophisticated scams. They turned to their vendor, Banker's Toolbox, to implement its BAM+ fraud scenarios, seeking a solution that could centralize monitoring and reduce financial and reputational risk.

The solution from Banker's Toolbox integrated seamlessly with their existing BAM+ platform, providing real-time single and multi-channel fraud detection, notably for wire transfers, and a centralized Enterprise Fraud Case Manager. This implementation had a measurable impact, preventing over $1 million in fraudulent wires, including nearly $300,000 in elder financial exploitation. The system provided Virginia Credit Union with invaluable insights, saving members' money and significantly strengthening their overall fraud program.

Virginia Credit Union

Grant Garber

Fraud and BSA Risk Manager