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Global Fintech Series
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Launch Credit Union Fights Back Against Fraud, Saving Over $3.5 Million with Cutting-Edge AI
- Launch Credit Union saved over $3.5 million in 2024 through real-time AI fraud detection implemented by Eveline Tenczar with RembrandtAi®.
- By shifting to real-time fraud detection supported by AI, Launch Credit Union significantly reduced losses, especially in check and card fraud, proving the effectiveness of proactive fraud prevention.
- Eveline Tenczar's expertise and experience in financial crime prevention have been instrumental in reshaping Launch's fraud-fighting strategy, moving away from traditional batch processing methods.
- Launch prevented $2.9 million in check fraud losses, $88,000 in card fraud losses, and over $3.5 million in total fraud losses in the past year alone, demonstrating their commitment to staying ahead of fraudsters.
- Launch's real-time monitoring of transaction trends enabled them to adapt quickly, preventing check fraud and significantly reducing losses to just $34,000 in 2024.
- To combat sophisticated card fraud rings, Launch set up real-time alerts for suspicious ATM withdrawals, effectively stopping fraudulent activities and saving members from financial losses.
- The integration of RembrandtAi® has been pivotal in Launch's success, providing real-time fraud alerts and actionable insights to prevent fraud before it occurs, showcasing the importance of proactive fraud prevention.
- Eveline Tenczar highlights the necessity of proactive fraud prevention over reactive approaches, emphasizing the importance of stopping fraud before financial losses occur.
- Launch Credit Union remains committed to enhancing fraud prevention measures and continuing to lead the way in digital banking, financial services, and innovative fraud prevention strategies.
- Founded in 1963, Launch Credit Union's mission is to empower members through financial security and innovation, serving a large member base across Florida with a focus on eliminating fraud losses as much as possible.
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