Effective Thursday, April 12, your front-line staff and call center will automatically find a new tool in Springboard that raises awareness of suspicious behavior tied to Balance Consolidations and Balance Transfers.
CO-OP has uncovered suspicious activity where fraudsters were using multiple, closely timed balance consolidations and transfers to obscure fraudulent activity. Springboard will now evaluate the frequency and dollar amount of balance consolidations on an account and automatically warn your front-line staff and call center when a transaction could be a potential risk. Click here to see how the warning signs will appear in Springboard.
If you find it is a legitimate transaction, authorized team members can override the warning and allow the transaction to complete. The capability has also been added that allows Springboard Administrators to assign rights to specific users to turn on/off the override capability, allowing you to control who can bypass warnings.
Staying one step ahead of fraudsters is a never-ending challenge. This enhancement demonstrates how CO-OP’s technical agility and ability to leverage data can help us all in the fight.
If you have questions about this enhancement, please contact your Client Service Executive.