Fidelity National Information Services, Inc. (FIS) announced that Suncoast Schools Federal Credit Union (Suncoast Schools FCU) has expanded its relationship to include FIS’ Web-based DepositShield, a deposit verification and new-relationship screening service.
DepositShield is a full-service, deposit-account risk management solution that provides real-time consumer authentication and deposit-risk assessment. It leverages FIS’ advanced fraud detection technology, broad industry coverage
and experienced fraud analysts to quickly identify and stop deposit account fraud. DepositShield can help financial institutions open more deposit accounts, improve customer service through faster funds availability and meet compliance requirements.
With implementation completed earlier this year, Suncoast Schools FCU noted an increase in checking account openings using DepositShield.“Checking accounts that we might have declined using only credit bureau information could be approved using DepositShield,” said Jon Rasmussen, Suncoast Schools FCU vice president of Card Services. “Credit reports offer a historical view, and DepositShield combines FIS’ analytics with an up-to-date industry-wide view of deposit account fraud.”
“Deposit account fraud has been on the increase for the last few years. This advanced authentication program uses predictive analytics to prevent more than $1 billion in fraud losses annually,” said Anthony Jabbour, executive vice president of FIS’ Integrated Financial Solutions division. “Web-based access enables financial institutions to use this valuable resource immediately, without a large integration commitment.”