Understanding the true cost of fraud and how to protect you and your members

Year on year, more businesses and consumers turn to online and mobile banking. Convenience is the main driver behind this continued growth. However, the more we rely on online and mobile banking services the more susceptible we are to fraud. In fact, banking fraud increased by 20% from 2017 to 2019 for both financial services and lending*. In this constantly changing world, the ability to quickly detect and prevent fraud is critical to a credit unions’ success.

The real cost of fraud isn’t lost funds - it is reputation

It takes years to build up your brand, to cultivate community trust.  It only takes one incident fueled by social media commentary, to sabotage a brand and decimate public confidence. Now more than ever it is essential for Credit Unions to protect their members and themselves from fraud. Low or no fraud equates to member retention and new customer confidence.

Furthermore, how a Credit Union manages and protects its members is a pivotal part of the regulated risk management process. A well-managed fraud detection program is part of a professional overall strategy that every Credit Union needs to have in place.

Ultracs Corp has a long history, worldwide, in delivering software solutions for the banking and finance industries. Our state-of-the-art Ultracs Fraud Interceptor solution provides bulletproof fraud prevention monitoring across all of your business channels, in real-time, 24 hours a day, enabling immediate action and response to a threat.

Ultracs Fraud Interceptor  =  24/7 protection for you and your members

Ultracs Fraud Interceptor can be set to alert staff and members, as required, to any fraudulent activity, even out-of-hours - ensuring detection and action never stop, even after close of business.

For extra security an SMS response function enables your members to easily authenticate a transaction that has been identified as potentially fraudulent, by simply replying to an SMS. The members’ response is received and actioned automatically by Ultracs Fraud Interceptor, any time, day or night, removing the need for any direct staff action.

It’s another way to increase confidence. A way to demonstrate what your members expect - that you are actively protecting their account from cybercriminals.

How Ultracs Fraud Interceptor gives you back control

Ultracs Fraud Interceptor will give you TOTAL control over your fraud prevention program, and the ability to react swiftly to any threat and remain in full control of the costs and processes.

Just some of Ultracs Fraud Interceptor key functionalities include;


You can determine what types of transactions and transaction behavior to monitor. This includes monitoring;

  1. Suspicious activity volumes
  2. Payments to new destinations
  3. Multiple branch withdrawals
  4. Multiple deposits to the same account (mule detection)
  5. Multiple members transferring to a common account



Ultracs Corp’s Fraud Interceptor provides an unlimited number of flexible response workflows. These include;

  1. Stop, hold or simply warn of suspicious activity
  2. Notify staff and/or members via SMS, email and/or secure message
  3. Automatically create tasks and workflow for staff to action
  4. Freeze accounts and/or cards or simply report and monitor
  5. Adjust response workflows based on day-of-week, time-of-day, staff availability, etc.
  6. Segregation of duties



Cybercriminals do not stop iterating and neither should you. Ultracs Fraud Interceptor enables you to manage your solution in real-time. Removing the need for additional programming.

  1. Report on suspicious activity to aid decisions 
  2. Learn from quarterly client user group sessions
  3. Create and apply new rules in test mode
  4. Launch new rules into production as required

Fraud Interceptor is an invaluable tool in your overall risk management framework that can be used as your primary fraud protection tool or in concert with your overall fraud program.

Please contact us to find out more about how Ultracs Corp's Fraud Interceptor can protect your members and your credit union.

*2019 True Cost of FraudTM Study: Financial Services and Lending - Lexis Nexis