The New York Credit Union Association has partnered with Quatrro Processing Services, a global fraud and risk mitigation FinTech solution provider. Utilizing anomaly detection via predictive analytic models, algorithms and data-driven decision optimization, QPS provides a competitive advantage and higher return-on-investment for credit unions with enhanced member engagement.

Through the partnership, QPS will offer NYCUA-member credit unions with a preferred rate on their products and services.

“QPS is on the cutting edge of fraud prevention and risk mitigation, and they have a proven track record of success with credit unions of all sizes and complexities,” said NYCUA President/CEO William J. Mellin. “Up until this point, many financial institutions have watched the artificial intelligence revolution from the sidelines. Now, New York’s credit unions have a real opportunity to harness emerging AI and machine-learning technologies in ways previously thought unimaginable.”

QPS’ proprietary platform—known as Fraud Reduction Early Detection, or FRED—is driven by AI that enables machine learning to design and apply algorithms to learn things from past cases and automate at various thresholds to customize rules. However, the entire platform is overseen 24/7 by a human monitor to ensure no anomalies go undetected.

The platform also helps financial institutions comply with anti-money laundering regulations, including the Bank Secrecy Act, as well as regulations imposed by the National Credit Union Administration and the New York Department of Financial Services.

“As tech and human intelligence converge on common ground, there is no way to secure transactions without innovative AI and machine learning technology and advanced data analytics,” said QPS President & COO Sriram Natarajan. “At QPS we care about members concerns. Their No. 1 priority is to never fall victim to fraud while not get declined at the point of sale. FRED by QPS epitomizes false-positive management and will help NYCUA credit unions to further enhance their member experience.”