Case Study

Case Study:
SAFE Federal Credit Union

SAFE Federal Credit Union Logo

SAFE Federal Credit Union Achieves Anti-Fraud and Compliance Success

We derive so much value from LexisNexis Risk Management Solutions® that we believe it has already paid for itself. From stopping fraud to ensuring regulatory compliance and enhancing our ability to serve our members, our partnership with LexisNexis Risk Management Solutions has enhanced our business.

- Doris Horton, Compliance/Loss Prevention Officer, SAFE Federal Credit Union
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Summary

Founded in 1955 by 15 civilian employees at Shaw Air Force Base in Sumter, South Carolina, SAFE Federal Credit Union (SAFE FCU) today consists of more than 15 branches serving 199,000 members, and manages assets in excess of $500 million. As a financial cooperative serving members worldwide, its mission is to operate in a sound manner while providing quality service and products designed to manage the financial wellbeing of its members. To help fulfill this mission, SAFE FCU turned to LexisNexis Risk Management Solutions® featuring InstantID®.

Products Used

InstantID®
Authenticate identity, spot fraud and flag ID discrepancies
Risk Management Solutions®
Manage risk with technology, information and advanced analytics

Challenge

  • Identity verification was a manual comparison process, with limited results and human error.
  • Fraud attempts at the credit union were increasing, requiring a more efficient and effective process.
  • Compliance with evolving industry and government regulations was a critical requirement.

Solution

  • Switched to comprehensive and robust online risk management research tools available through LexisNexis Risk Management Solutions, featuring LexisNexis InstantID.
  • Receive real-time identity verification for quicker, more informed decisions.
  • Auto-correct mistyped information to help employees do their jobs faster and more accurately.
  • Identify and route suspicious activity to internal investigators quickly and easily with scoring features.

Results

  • Experience ongoing cost benefits, with solution paying for itself in eight months.
  • Avoided 20-30 fraudulent loans in first eight months.
  • Increased productivity and reduced data entry errors.
  • Improved compliance with financial regulations and stronger anti-fraud practices.

Next Steps

To learn more about LexisNexis Risk Management Solutions® and InstantID® or to receive pricing information, please call us at 866.858.7246 or fill out our simple online form.