Michigan First Credit Union (assets $620 million) and Aithent Inc., a compliance and information management solutions provider, have partnered up to use Aithent Fraud Manager and AML risk management solution to boost the credit union's security and risk operations, Aithent announced yesterday. The solutions give the credit union's risk team real-time reports on risk, loss prevention and recoveries, Aithent said in a statement.
The credit union was swayed by the flexibility that the Aithent solutions offered, said Jeff Rolph, the director of risk management at Lathrup, Michigan-based Michigan First. The system allows the credit union to organize and customize information in different fields that can be determined by case type, incident origin or case status, to name a few options. The credit union ca also scan documents into a case file and file SARS (suspicious activity reports) directly from the system, which also has a robust search function, according to Rolph.
"What sets the Aithent Fraud Manager solution apart from other case management system is how well it addresses issues of affordability, flexibility or customization and rapid implementation," Rolph comments.
The system, Aithent says, was fully functional within four weeks. Michigan First's risk team is already using the system to track potential fraud cases, report them by case volume and type and review them individually for a follow up. With one mouse click the system can collect and print out all the information necessary for law enforcement as well, Aithent says.
The system is founded, Aithent adds, on the idea of bringing a unified approach to the control and management of check, debit card and wire fraud, as well as money-laundering violations and corporate security breaches. The system's automated investigatory and compliance processes help in reporting to law enforcement agencies, the Financial Crome Enforcement Network of the U.S. Treasury and institutions' boards and auditors. Aithent offers the solution both installed or hosted and says that it can be integrated with any popular detection system or core processor.