Case Study: Veridian Credit Union prevents over $1.2M in check fraud losses with Verafin

Placing a Hold on Check Fraud Verafin Helps Veridian Prevent Over $1.2M in Check Fraud Loss

Veridian Credit Union, a rapidly growing Iowa-based financial institution, needed a better way to keep pace with rising fraud risk as its asset base expanded and it opened new branches. Its biggest concern was check fraud, especially as new markets and new staff increased the chance that counterfeit checks could slip through, and its team also wanted stronger visibility into online account fraud.

Veridian turned to Verafin’s FRAMLx software, including deposit fraud analytics, online account fraud alerts, and integrated case management. Verafin helped the credit union prevent more than $1.2 million in check fraud losses in 2017, including $175,000 in August alone, while also improving investigation efficiency with IP and location data and centralized case files.

Veridian Credit Union

Trina Becker

Manager of Loss Prevention