Case Study
KeyStone Script Developed by SwitchThink
The Challenge
Branch hopping schemes can be a costly form of monetary or check fraud. They can also be costly to the teller line, slowing it down as staff seeks to guard against potential fraud. Vibe Credit Union wanted to mitigate its losses by taking advantage of KeyStone’s scripting capabilities to build an automated solution for detecting repeat transactors and notifying the teller line. There was just one problem. Having only recently converted to KeyStone, the credit union didn’t have the programming expertise in-house to build it themselves.
The Solution
Vibe Credit Union turned to SwitchThink Solutions’ Professional Services team to meet their need. SwitchThink has built a deep domain expertise around the KeyStone platform, and their Professional Services team uses that knowledge to optimize and expand the capabilities of KeyStone by helping their clients create and deploy custom KeyStone scripts and applications more quickly than they could on their own.
SwitchThink quickly provided Vibe Credit Union with a customized script from its library. The Branch Repeat Transactor Script automatically performs analysis typically left to the teller and alerts the teller if a member has visited multiple branches and/or made multiple cash or monetary transactions in a 24-hour time frame.
SwitchThink’s KeyStone expertise and their quick turnaround time paid dividends for Vibe. Their work paid for itself in less than 24 hours. We saved over $3000 in check fraud the very first day the Branch Hopper script was live .
Before even accessing the member’s account, the script identifies individuals who are possibly involved in, or have fallen victim to, branch hopping schemes. Tellers can then view the details behind the flag and ask appropriate questions. If fraud is suspected, the script also provides valuable information to the credit union’s fraud department.
The Results
According to Darren Cameron, Senior Vice President for Vibe Credit Union, “SwitchThink’s KeyStone expertise and their quick turnaround time paid dividends for Vibe. Their work paid for itself in less than 24 hours. We saved over $3000 in check fraud the very first day the Branch Hopper script was live.” A patron attempted to cash two fraudulent checks of similar amounts at three separate branches. The script alerted the tellers to the anomalous activity and allowed them to stop the fraudster in their tracks. The script continues to do its job, mitigating losses at the source.