Bank of us, a Tasmanian customer-owned financial institution, has partnered with Indue to enhance its fraud monitoring service as part of a wider payment migration project.
The bank has invested in upgrading its fraud monitoring to build greater protection for customer funds, and the partnership with Indue includes adopting the Orion financial crimes service to monitor all card transactions in real-time, allowing for most fraudulent transactions to be detected and blocked before they reach customer accounts.
The financial crimes service will be expanded to cover all other payment types from May and is powered by IBM’s safer payments platform. Since the upgrades, Bank of us has noted a significant reduction in the number of fraudulent transactions affecting its customers.
The payment migration project, which began last October, is expected to be completed by August 2023, providing customers with access to more sophisticated end-to-end payment solutions.