DENVER, June 01, 2022 (GLOBE NEWSWIRE) -- While many big banks are still struggling to advance from the experimentation phase to fully implementing Artificial Intelligence (AI) solutions, one Florida-based credit union has taken the leap and reaped enormous benefits. Using breakthrough RembrantAi technology from IT Solutions company, ToolCASE, Launch Credit Union prevented more than $1.8 million in fraud in 2021, a 97% reduction across 16 locations.
As the use of digital banking grows, financial institutions must work harder to protect transactions against fraud. The growth in online transactions, mobile banking, and remote deposit capture (RDC) has transformed how banking customers work with their financial institutions (FI) while putting more people at risk for fraud.
"The challenge for credit unions has been to provide depth of services while actively addressing significant growth in fraud – both in terms of sophistication and scale," said Kevin LeBeau, Launch CFO. "Using the real-time AI capabilities of RembrandtAi, we've reduced fraud dollar losses from branch and digital banking activity as well as debit card activity. This incredible technology from ToolCASE allows us to stop fraud in its tracks, meaning our members are well-protected. And we're not done - we hope to eliminate fraud eventually."
With core banking and card transactions growing at double-digit percentages annually and ACH, Zelle, and other person-to-person (P2P) payment system usage expanding at a breakneck speed, real-time AI fraud solutions have become a critical necessity in the fight for member protection.
Leon Farfel, CEO of ToolCASE says, "We’re thrilled with the fraud-reduction Launch experienced in 2021. These reductions are excellent, and we believe every one of our partner credit unions could achieve similar results. We’re still working closely with the Launch fraud team to make further improvements. Our goal is for Launch’s members to feel confident that their money is safe, and the AI technology behind its security is unmatched."
Artificial intelligence technology, like RembrandtAi, operates in real-time, analyzing millions of data points from an almost unlimited number of sources. It can alert fraud teams of incursions, sophisticated fraud, or even the smallest transactional anomalies, automatically stopping those transactions as they're happening.
"The perception that AI solutions are expensive and complex to implement and operate permeates the financial services industry. Concrete examples that demonstrate clear results from AI investment are also rare, until now," said Farfel.
About ToolCASE
Headquartered in Denver, Colorado, ToolCASE provides clients throughout the U.S. with a comprehensive suite of Ai based solutions and services. The company’s flagship RembrandAi delivers best-in-class analytics, visualization, and insight to help detect and prevent digital fraud and solve complex enterprise challenges. ToolCASE solutions support a variety of industries, with over 20 years serving financial services along with business services, airlines, oil and gas, retail and online stores, health and medical, government, manufacturing, and transportation.
About Launch Credit Union
Launch Credit Union was officially chartered in April of 1963, and since then we’ve been providing quality financial products and exceptional service to our members for more than 50 years. We look forward to helping you go beyond to reach your financial goals. Stop by any of our conveniently located branches to open your savings and checking account and learn about the many products and services Launch Credit Union has that could help save you time and money.
Launch Credit Union offers many online and electronic services so that you can access your money anywhere, any time. But for those who prefer face-to-face service, our doors are always open. Together we can find the right account, services, and loans to help you Go Beyond.
CONTACT INFORMATION:
ToolCASE
Sam V. Piccolotti
720-490-4170
spiccolotti@toolcase.com
