Case Study: First National Bank in Olney reduces debit card fraud losses with Verafin

First National Bank in Olney - Customer Case Study

First National Bank in Olney, a $330M community bank in Olney, Illinois, was struggling with a sharp rise in debit card fraud and too many false suspicious activity alerts from its existing rules-based detection software. The bank’s fraud detection and BSA compliance team also lacked integration between fraud and AML tools, making it harder to get a complete view of customer activity.

First National Bank in Olney chose Verafin’s behavior-based fraud detection and BSA/AML platform after reviewing other options. Verafin integrated smoothly with the bank’s Jack Henry CIF 20/20 core system and helped the team cut alert review time from 2–3 hours a day to under 45 minutes. With Verafin’s debit card fraud analytics and risk-rated alerts, the bank was able to identify suspicious card use faster, hot-card affected cards quickly, and reduce fraud losses.

First National Bank in Olney

Kate Kaufmann

Operations Associate