Case Study: Radius Bank prevents ACH fraud losses with Verafin

Radius Bank - Customer Case Study

Radius Bank, a $1.1 billion Boston-based bank, was adding about 10,000 online accounts per month and struggling to keep up with the fraud risk that came with rapid digital growth. With a small BSA/AML and fraud team, the bank needed a better way to spot identity theft and ACH fraud faster than its manual spreadsheet and return-file review process could.

Verafin worked with Radius Bank to implement new wire and ACH fraud detection analytics, giving investigators centralized alert data and customer profile details in one place. The solution helped the team identify a suspicious five-account scheme quickly, potentially preventing at least $15,000 in losses, while also cutting alert triage time to less than five minutes per case and turning a “fraud reporting” process into real fraud prevention.

Radius Bank

Michael Quigley

Radius Bank