News flash: Every credit union does not have to use NCUA’s National Credit Union Share Insurance Fund.
On one side is an army of highly skilled criminals, all now equipped with the latest AI tools. On the other side are credit unions and other financial institutions and, face reality, credit unions have to up their game, now, to stay competitive in an AI war.
On the show is Ravi Sandepudi, CEO of Effectiv, a San Francisco based fraud prevention company with deep skills in AI. Ravi for instance worked at Google when much of the pioneering work in AI was getting done in those labs.
Here is how sophisticated – and patient – today’s fraudsters are. They will open an account built around a synthetic identity – the person never existed – and often they will seek to do the account opening at a credit union because many credit unions have more flexible ID requirements than do banks.
The kicker is that account will be perfectly legal and normal for a couple years – until it’s time to awaken it.
Ravi also talks about the need for continuous monitoring of an account. Authentication is no longer a one and done proposition.
These are exciting times for AI fraud detection and prevention and this show gives you a front row seat at the arena.
