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September 15, 2023 - Greg Oprendek

How DataVisor Provided NASA FCU with Award-winning Fraud Prevention

Financial frauds and scams are more sophisticated than ever. That means organizations are constantly seeking innovative solutions to safeguard their assets and protect their customers. NASA Federal Credit Union (NASA FCU), a leading financial institution, faced the challenge of combating fraud without compromising operational efficiency.

Their quest for an effective fraud detection and prevention solution led them to choose the best in the industry—DataVisor. We don’t just say that ourselves, Datos Insights awarded Datavisor’s platform Best Transaction Fraud Monitoring and Decisioning Solution in their 2023 Fraud & AML Impact Awards. In fact, it was DataVisor’s constant innovation and unmatched detection and prevention work for NASA FCU that earned this award. Here’s how our platform’s ability keep pace with rapidly evolving fraud tactics while controlling overhead costs gave NASA FCU an award-worthy fraud prevention experience.

Rising Fraud Challenges in the Financial Industry

With recent technological advances like the rise of generative AI, fraudsters have adapted and coopted these tools to create new and more sophisticated ways to carry out classic scams. For NASA FCU, staying ahead of these evolving threats was a top priority. However, the credit union needed a solution that not only addressed existing fraud issues but also had the flexibility to adapt to emerging threats without inflating overhead costs.

NASA FCU’s Challenge

NASA FCU serves the financial needs of over 200,000 members and manages more than $3 billion in assets. They faced the challenge of keeping their members’ assets safe while managing operational costs efficiently.

The credit union recognized that traditional fraud detection systems were no longer sufficient in detecting and preventing increasingly complex fraud schemes. They knew legacy rules-based solutions were not adaptable enough to keep ahead of rapidly shifting fraud threats. On top of that, they had multiple costly disconnected systems that kept them from getting a truly holistic view of fraud.

These realizations led them to seek out DataVisor for our cutting-edge fraud detection technology.

DataVisor’s Innovative Approach

DataVisor’s fraud detection and prevention platform leverages the power of AI to detect both known and unknown fraud patterns in real time. Unlike rule-based systems, which are static and limited in their adaptability, DataVisor’s platform can spot signs of connected fraud activity and unveil crime rings.

The machine learning element allows the platform to recognize new fraud patterns and take a proactive approach instead of reactively preventing more fraud once its already occured. This adaptability is crucial in today’s rapidly changing threat landscape.

In NASA FCU’s case specifically, DataVisor solved their challenges by providing multiple fixes and improvements to their fraud prevention, including:

  • Enabling comprehensive protection across multiple use cases in a single, one-stop fraud and risk management platform.
  • Combining rules-based detection with machine-learning models to enable a proactive approach.
  • Leveraging Knowledge Graph to visualize patterns and connections between fraud signals, reducing false positives and simplifying decision-making.
  • Using device risk signals provided by DataVisor to directly detect fraud from manipulated devices and bots.
  • Reducing operational overhead resulting in strong ROI.

Key Features of DataVisor’s Platform

Unsupervised Machine Learning

DataVisor’s platform employs unsupervised machine learning to detect anomalies and suspicious patterns without relying on predefined rules. This allows it to identify emerging fraud tactics that often go unnoticed by traditional systems.

Fast detection

DataVisor adapts to new fraud scenarios in real-time using data signal orchestration and end-to-end workflow automation. This covers gaps and tightens coverage across fraud scenarios, empowering teams to catch more fraud and mitigate losses.

Low False Positive Rates

By reducing false positives, DataVisor helps organizations like NASA FCU minimize the operational costs associated with investigating non-fraudulent transactions.

Scalability

DataVisor’s platform is highly scalable, allowing organizations to expand their fraud prevention efforts without a proportional increase in overhead costs.

Results NASA FCU Achieved with DataVisor

Upon implementing DataVisor’s fraud detection platform, NASA FCU experienced significant improvements in their fraud prevention efforts. This includes:

  1. Reduced fraud losses – By identifying fraud attempts more effectively, NASA FCU managed to reduce fraud losses substantially.
  2. Enhanced member trust – The credit union’s ability to protect its members from fraud bolstered trust and confidence among its customer base.
  3. Streamlined Operations – The platform’s low false positive rates and automated processes allowed NASA FCU to optimize their operational costs while maintaining the highest level of security.

NASA Federal Credit Union’s selection of DataVisor underscores the critical role innovative fraud detection and prevention technologies play in safeguarding financial institutions and their customers. By adopting DataVisor’s award-winning fraud detection platform, NASA FCU not only enhanced its fraud prevention capabilities but also managed to keep overhead costs in check.

In an era where financial fraud evolves continuously, organizations like NASA FCU are taking the right steps to protect their assets and maintain customer trust. DataVisor’s recognition as the Best Transaction Fraud Monitoring and Decisioning platform by Datos Insights further solidifies our position as a leader in the field of fraud prevention, offering organizations the tools they need to stay one step ahead of fraudsters.

Read the complete case study for a more in-depth look at how DataVisor’s platform solved NASA FCU’s fraud prevention woes. See firsthand the difference adding our award-winning fraud detection and prevention to your fraud-fighting arsenal will make by scheduling a customized demo with our team.

about Greg Oprendek
Greg is a passionate digital marketer, avid basketball fan, aspiring fraud expert, and Content Marketing Manager at DataVisor.
about Greg Oprendek
Greg is a passionate digital marketer, avid basketball fan, aspiring fraud expert, and Content Marketing Manager at DataVisor.