Case Study: Neighbors Federal Credit Union improves fraud detection with Verafin

Neighbors Federal Credit Union - Customer Case Study

Neighbors Federal Credit Union, one of Louisiana’s largest credit unions, needed a better way to monitor high volumes of member transactions for fraud, suspicious activity, AML compliance, member risk scoring, and case management. With limited resources, rapid branch growth, and more than 600 new accounts opened each month, the credit union turned to Verafin to automate these manual and time-consuming processes.

Verafin implemented an automated anti-fraud and AML solution that gave Neighbors FCU an enterprise view of member activity, risk-scored alerts, automated member risk scoring, and streamlined case management. Soon after going live, Verafin flagged a check kiting scheme totaling $144,403 that had gone undetected for seven months, and within two weeks the number of SARs filed doubled without adding staff, while also reducing unnecessary daily work and improving investigation quality.

Neighbors Federal Credit Union

Chrissy Viso

Vice President of Compliance & BSA Officer