DakCU teams with Rippleshot to speed up card fraud detection

The Dakota Credit Union Association has launched a referral partnership with Rippleshot to give North and South Dakota credit unions access to real-time fraud intelligence and prevention tools. The move aims to help institutions of any size catch scams, account takeovers and other card fraud earlier.

Why it matters: - Card fraud losses are climbing across the financial services industry. - The partnership gives Dakota credit unions of every size access to tools and peer intelligence that have often been available mainly to larger institutions. - The goal is to help credit unions stop fraud before it reaches members.

What happened: - Dakota Credit Union Association entered a referral partnership with Rippleshot. - The agreement gives credit unions across North Dakota and South Dakota a new resource for earlier card fraud detection. - DakCU serves credit unions from offices in Bismarck and Sioux Falls. - George McDonald, DakCU chief operating officer, said the partnership follows more than a year of research and collaboration with credit union associations nationwide and member credit unions.

The details: - Dakota credit unions gain access to two complimentary Rippleshot solutions: Fraud Interceptor and Fraud Intelligence Collective, or FIC. - Fraud Interceptor analyzes patterns across a broad network of financial institutions to identify scam, fraudulent and high-risk merchants. - The platform can help credit unions automatically and proactively block transactions tied to scams, phishing, account takeovers and fraudulent mobile provisioning. - Fraud Interceptor works inside a credit union's existing rules and workflows and does not require new software or IT resources. - FIC connects verified and vetted fraud prevention professionals in a real-time peer intelligence network. - FIC members can collaborate on threats including first-party fraud, wire fraud, BIN attacks, suspicious account openings and other emerging trends. - Rippleshot says Dakota fraud prevention managers will connect to a nationwide real-time peer intelligence network through the partnership. - Rippleshot CEO Canh Tran said a credit union with 5,000 members can see the same emerging fraud patterns as one with 500,000.

Between the lines: - The deal reflects a broader push by credit union groups to close the technology gap between small institutions and large banks. - DakCU is positioning fraud prevention as part of its core mission to help credit unions succeed. - Rippleshot is also using the partnership to expand distribution of its fraud analytics platform.

What's next: - Credit unions can learn more through their DakCU representative or at Rippleshot's website. - DakCU members will be able to tap the new fraud tools and peer network as the partnership rolls out. - Rippleshot will continue promoting its platform to financial institutions through its association partnerships.

The bottom line: - DakCU is giving regional credit unions access to real-time fraud intelligence that could help smaller institutions spot and block card fraud sooner.