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Credit union app store with solutions for 11 different provider functions

OnApproach wants another characteristic of credit unions to be as synonymous to those financing providers as their reputation and servicing to members: collaborative analytics.

And to help credit unions leverage the possibility of collaborate analytics, OnApproach recently established a pathway for institutions to access new tools that’s familiar to anyone with a smartphone: an app store.

OnApproach, which says it’s the credit union servicing organization (CUSO ) dedicated to credit union success through a collaborative analytics ecosystem, launched the Credit Union App Store (CU App Store). The CU App Store is the online marketplace for credit unions to discover and immediately access applications designed to solve a variety of business problems and improve data and analytical capabilities for all credit unions.

OnApproach explained the CU App Store was developed because it is too often that credit unions must “re-invent the wheel” by building reports and dashboards that are similar across their peer groups. OnApproach insisted this process creates incredible inefficiencies throughout the industry.

As a CUSO, OnApproach wants to help transform the industry and ensure a healthy future for all credit unions.

For managers and other executives still unsure about exactly what collaborative analytics, OnApproach explained the concept in this video that’s also available at the top of this page.

The CU App Store brings together credit unions, CUSOs and industry vendors to share the time and resource burden required to execute high value reporting and analytics, regardless of technology or core. By utilizing the CU App Store, credit unions have the opportunity to shift their time from report creation to consumption and analysis of useful information.

“The launch of the CU App Store marks a major milestone in OnApproach’s vision for the credit union movement. Data analytics is imperative for the industry, but it has unfortunately proven to be a serious challenge for the majority of the credit unions to gain competency in even the first and most basic steps on the analytics journey,” OnApproach chief executive officer Paul Ablack said.

“The CU App Store finally makes it fast and easy for credit unions to search and find pre-built solutions for analytical needs,” Ablack continued. “The agnostic marketplace for sharing analytics applications is a big win for the industry, the individual credit unions and ultimately the communities they serve.”

Within the CU App Store, credit unions can access the site and shop for pre-built applications that refers to reports, dashboards or models that cover a range of credit union needs, including categories such as:

— Audit
— Channels
— Compliance
— Deposits
— Financials
— Investments
— Lending
— Management
— Marketing
— Memberships
— Payments

The applications currently available are free to credit unions and compatible with the OnApproach CU Analytics Ecosystem.

In addition, credit unions can share with or sell to their peers the applications they have built. The site also features applications developed by fintech companies and solutions providers.

To learn more, visit the CU App Store at http://cuappstore.com.

Equifax and Oplogic collaborate to slow synthetic ID fraud at dealerships

Criminals are becoming more creative in their approach to commit synthetic ID fraud, and new technology recently detected a ploy by an individual who tried a scheme at two different Michigan dealerships.

According to the Federal Trade Commission, 1.7 percent of identity fraud complaints indicated that an auto-finance contract had been generated fraudulently, up from 0.8 percent in 2015.

To curtail this trend, Equifax is working with Oplogic, a company that manages and processes customer information with a simple ID scan, to help reduce unwanted threats stemming from synthetic ID fraud.

The Synthetic ID fraud occurs when a criminal combines real (usually stolen) and fake information to create a new identity. The two companies’ solutions recently helped stop an auto crime at a Michigan dealership.

Driver’s Synthetic Identity Verification from Oplogic, powered with Equifax identity validation tools, is helping dealers reduce unwanted threats. In the attempted fraud scam, a woman visited a dealership with the intent to purchase a vehicle. When she presented her Texas driver’s license, the dealership concluded that the license was synthetic after running a license scan in the patented Oplogic Deal Operator CRM system.

When the same person made a similar attempt shortly thereafter at a different dealership that uses Oplogic Deal Operator CRM, authorities made an arrest.

“The Oplogic Deal Operator CRM combined with Equifax fraud detection and identity validation tools is helping dealerships stop criminals in their showrooms before the crime occurs,” Oplogic president John Parent said. “This adds a much-needed level of protection for dealers and lenders.”

Using this system, dealers can identify fraudulent credentials early in the sales process and before the test drive occurs. The process involves the dealership scanning the potential buyer’s driver’s license using Oplogic CRM software. During the scan, the license is verified against Equifax data and fraud tools to confirm identity.

“Fraudulent activity has become more complex over the years, and it continues to cost billions in lost revenue for dealers and lenders,” said Ken Allen, senior vice president of identity and fraud at Equifax.

“Our data analytics platforms have also become much more sophisticated, and in partnering with leading solution providers such as Oplogic we are making great strides in reducing the number of fraudsters who attempt to create synthetic identities inside the showroom,” Allen went on to say.

Equifax has expanded its set of offerings that help mitigate synthetic ID fraud with the addition of FraudIQ Synthetic ID Alerts — which are based on patent-pending algorithms that analyze attributes such as authorized user velocity and identity discrepancies to help determine if the identity presented could be synthetic.