Overview: Founded in 1955 by 15 civilian employees at Shaw Air Force Base in Sumter, (SAFE FCU) South Carolina, SAFE Federal Credit Union (SAFE FCU) today consists of more than 15 branches serving 199,000 members, and manages assets in excess of $500 million. As a financial cooperative serving members worldwide, it is the mission of SAFE FCU to operate in a sound manner while providing quality service and products designed to manage the financial well-being of its members.
The Challenge: SAFE FCU historically verified identities by checking Social Security numbers (SSNs) and comparing information supplied by loan applicants with information about members that employees had previously captured and entered into SAFE FCUs databases. This process provided the credit union with limited data on which to verify identities, and sometimes resulted in minor human error—transposed numbers in a SSN, for instance. Nevertheless, SAFE FCU’s anti-fraud approach had proved to be successful. Click SAFE Federal Credit Union to read more…
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